Review of the hardback: 'This first-rate collection of essays is a clear indication of the very high reputation Assaf Razin enjoys in our profession. Written by top experts in the field, the contributions included in this book are both extremely topical and based on frontier research methods. They provide a wealth of insights on a very wide range of important policy issues.' Mathias Dewatripont, Université Libre de Bruxelles and Centre for Economic Policy Research, London

• Part I. Financial Issues in Open Economies: Theory: 1. Crises: the next generation? Paul Krugman; 2. Solutions to the 'devaluation bias': some preventive measures to defend fixed exchange rates against self-fulfilling attacks Chi-Wa Yuen; 3. Growth enhancing effects of bailout guarantees Aaron Tornell; 4. Risk and exchange rates Maurice Obstfeld and Kenneth S. Rogoff; Part II. Financial Issues in Open Economies: Empirics: 5. Economic integration, industrial specialization, and the asymmetry of macroeconomic fluctuations Sebnem Kalemli-Ozcan, Bent E. Sorenson and Oved Yosha; 6. Uncovered interest parity in crisis: the interest rate defense in the 1990s Robert P. Flood and Andrew K. Rose; 7. When does capital account liberalization help more than it hurts? Carlos Arteta, Barry Eichengreen and Charles Wyplosz; 8. Sources of inflation in developing countries Prakash Loungani and Phillip Swagel; Part III. Economic Growth: Theory and Empirics: 9. Growth effects and the cost of business cycles Gadi Barlevy; 10. Explaining economic growth Yair Mundlak; Part IV. Public Economies: 11. Simulating fundamental tax reform in the United States David Altig, Alan J. Auerbach, Laurence J. Kotlikoff, Kent A. Smetters and Jan Walliser; 12. The international macroeconomics of taxation and the case against European tax harmonization Enrique G. Mendoza; 13. Home bias in portfolios and taxation of asset income Roger H. Gordon and Vitor Gaspar; 14. Social dumping in the transformation process; Part V. Political Economy: 15. Do political institutions shape economic policy? Torsten Persson.