Currencies and Crises [Paperback]

Paul Krugman (Author)

Book Description

Publication Date: February 23, 1995

Paul Krugman's first collection of essays, Rethinking International Trade, mounted a spirited assault on established trade theory and proposed an alternative approach to account for increasing returns and imperfect competition. Less theoretical and more embedded in real-world experience, this new collection revolves around Krugman's work on international monetary economics from the late 1970s to the present in an effort to make sense of a turbulent period that "involved one surprise after another, most of them unpleasant."The eleven essays cover such key areas as the role of exchange rates in balance-of-payments adjustment policy, the role of speculation in the functioning of exchange rate regimes, Third World debt, and the construction of an international monetary system. They are unified by the same basic methodology and style the construction of a small theoretical model in order to simplify or clarify a puzzling or difficult world monetary problem.Paul R. Krugman is Professor of Economics at the Massachusetts Institute of Technology and a member of the Group of Thirty.

Editorial Reviews

Review

"The papers included in this collection reveal the breadth of Krugman'swork in international monetary economics.... [This] is a book that anyoneinterested in international monetary economics can refer to repeatedly in thecourse of his or her career. As such, it ought not to gather dust on anybookshelf." Andreas Savides , The Journal of Economics

About the Author

Paul Krugman is Professor of Economics and International Affairs at Princeton University and a New York Times columnist. He was awarded the Nobel Prize for Economics in 2008.

Product Details

• Paperback: 240 pages
• Publisher: The MIT Press (February 23, 1995)
• Language: English
• ISBN-10: 0262611090
• ISBN-13: 978-0262611091
• Product Dimensions: 9 x 5.9 x 0.5 inches
• Shipping Weight: 12.8 ounces (View shipping rates and policies)
• Average Customer Review: 4.3 out of 5 stars  See all reviews (3 customer reviews)
• Amazon Best Sellers Rank: #748,052 in Books (See Top 100 in Books)

More About the Author

Paul Krugman is the recipient of the 2008 Nobel Prize in Economics. He writes a twice-weekly op-ed column for the New York Times and a blog named for his 2007 book "The Conscience of a Liberal." He teaches economics at Princeton University. His books include "The Accidental Theorist," "The Conscience of a Liberal," "Fuzzy Math," "The Great Unraveling," "Peddling Prosperity," and two editions of "The Return of Depression Economics," both national bestsellers.

Customer Reviews

Most Helpful Customer Reviews

1 of 1 people found the following review helpful:

5.0 out of 5 stars Still Revelant to Modern Debate, May 10, 2010

By 

Rufus Burgess (Upstate, NY) - See all my reviews
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This review is from: Currencies and Crises (Paperback)

Paul Krugman's "Currency and Crises" is a collection of 11 academic essays on international monetary economics written between the late 1970's and 1980's. The four sections include; 1) Exchange Rates and the Balance of Payments, 2) Speculation and Exchange Rates, 3) The Debt Crisis and Its Aftermath, and 4) The International Monetary System. Each essay is particularly focused on theory rather than empirical analysis.

While in some ways his essays seem dated they mostly stand the test of time. While his emphasis on Japan turned out to be misplaced it is now relevant for China (See Essay #2). At the time Krugman was very concerned with drastically increasing fiscal deficits. It turns out his advice is still pertinent as the 2000's saw an even greater explosion of debt when the economy was at potential (and crowding out as a result). His models on currency speculation, debt forgiveness, and the problems of monetary union all have come to be standard economics.

It is somewhat surprising how conservative his "International Economics: Theory and Policy" is compared to his academic essays. By first reading his textbook I expected him to be far more middle-the-road then his essays suggest. His essays have clear policy recommendations and in some essays, like international debt relief, are quite controversial for the time (but proved correct in hindsight).

"Currency and Crises" is a great collection of essays for anyone who wishes to know more about the theory behind international monetary economics.

5.0 out of 5 stars Currencies and Crises, March 17, 2011

By 

Stewart E. Sutin (Pittsburgh PA) - See all my reviews
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Amazon Verified Purchase

This review is from: Currencies and Crises (Paperback)

Paul Krugman first caught my attention many years ago for the precision and bluntness of his analysis of causal factors behind the Latin American debt crisis. At that time, I was a senior executive engaged in international banking, and found his writings to be compelling. Krugman's evaluation of indigenous and exogenous forces that influence currency fluctuations and economies around the world remains at a high level, as demonstrated in "Currencies and Crises". I currently teach a course at a graduate school of business administration titled "Managing Risk for a Global Enterprise", and will make "Currencies and Crises" required reading. Krugman has not lost his edge. His writings are comprehensive, crisp, clearly written and his findings are evidence based.

8 of 61 people found the following review helpful:

3.0 out of 5 stars Currency Management- Very important for corporations, June 27, 2000

By A Customer

This review is from: Currencies and Crises (Paperback)

Paul is one of the famous personalities in the world of finance. Any person who has not heard of him has got no right to be in the field of finance. For most of the Fortune 500 corporation in US, about 70-80% of revenues is coming from abroad(read foreign currency). By reading this book one gets a real perspective on the latest things happening in the field of foreign currency.