Financial Crises, Liquidity, and the International Monetary SystemOnce upon a time, economists saw capital account liberalization the free and unrestricted flow of capital in and out of countries as unambiguously good. Good for debtor states, good for the world economy. No longer. Spectacular banking and currency crises in recent decades have shattered the consensus. In this remarkably clear and pithy volume, one of Europe's leading economists examines these crises, the reforms being undertaken to prevent them, and