Ralph C. Bryant has been a senior fellow at the Brookings Institution since 1976. He served as director of the Division of International Finance at the Federal Reserve Board and the international economist for the Federal Reserve's Federal Open Market Committee. Bryant's books include Turbulent Waters: Cross-Border Finance and International Governance (Brookings, 2003).

• Contents:1. Introduction2. Analytic Fundamentals: Identity Spaces, Decision Spaces, Jurisdictions, Governing AuthoritiesExternalities, Market Failures, Public Goods, Governance FailuresTrade-offsBenefits of External OpennessCosts and Risks of External OpennessDistribution of the Net Benefits and Net Costs of External OpennessTensions between Local Autonomy and External OpennessDe Jure Sovereignty and De Facto Autonomy3. LocalismInsiders and OutsidersSimultaneously Looking Inward and Outward4. Border BuffersGeneral GuidelinesBorder Buffers for Goods, Services, and Financial TransactionsLocalist Diversity and a Level Playing Field?International Minimum Standards for All Jurisdictions?5. Cross-Border Migration of People6. External Imbalances and Exchange RatesImbalances in Cross-Border InteractionsTrade-off Choices for a Nation's Financial GovernanceExchange-Rate Flexibility7. Cross-Border Governance and International CooperationEmploy Border Buffers as Hostile Policy Instruments?Global Climate Change: Progress Depends on International Cooperative AgreementsCross-Border Comity, Historical Progress8. Summing Up: Crafting a Balanced CompromisePostscript: Emergence of the Coronavirus PandemicReferencesIndex

Ralph C. Bryant has been a senior fellow at the Brookings Institution since 1976. He served as director of the Division of International Finance at the Federal Reserve Board and the international economist for the Federal Reserve's Federal Open Market Committee. Bryant's books include Turbulent Waters: Cross-Border Finance and International Governance (Brookings, 2003).

• Contents:1. Introduction2. Analytic Fundamentals: Identity Spaces, Decision Spaces, Jurisdictions, Governing AuthoritiesExternalities, Market Failures, Public Goods, Governance FailuresTrade-offsBenefits of External OpennessCosts and Risks of External OpennessDistribution of the Net Benefits and Net Costs of External OpennessTensions between Local Autonomy and External OpennessDe Jure Sovereignty and De Facto Autonomy3. LocalismInsiders and OutsidersSimultaneously Looking Inward and Outward4. Border BuffersGeneral GuidelinesBorder Buffers for Goods, Services, and Financial TransactionsLocalist Diversity and a Level Playing Field?International Minimum Standards for All Jurisdictions?5. Cross-Border Migration of People6. External Imbalances and Exchange RatesImbalances in Cross-Border InteractionsTrade-off Choices for a Nation's Financial GovernanceExchange-Rate Flexibility7. Cross-Border Governance and International CooperationEmploy Border Buffers as Hostile Policy Instruments?Global Climate Change: Progress Depends on International Cooperative AgreementsCross-Border Comity, Historical Progress8. Summing Up: Crafting a Balanced CompromisePostscript: Emergence of the Coronavirus PandemicReferencesIndex

Ralph C. Bryant has been a senior fellow at the Brookings Institution since 1976. He served as director of the Division of International Finance at the Federal Reserve Board and the international economist for the Federal Reserve's Federal Open Market Committee. Bryant's books include Turbulent Waters: Cross-Border Finance and International Governance (Brookings, 2003).

• Contents:1. Introduction2. Analytic Fundamentals: Identity Spaces, Decision Spaces, Jurisdictions, Governing AuthoritiesExternalities, Market Failures, Public Goods, Governance FailuresTrade-offsBenefits of External OpennessCosts and Risks of External OpennessDistribution of the Net Benefits and Net Costs of External OpennessTensions between Local Autonomy and External OpennessDe Jure Sovereignty and De Facto Autonomy3. LocalismInsiders and OutsidersSimultaneously Looking Inward and Outward4. Border BuffersGeneral GuidelinesBorder Buffers for Goods, Services, and Financial TransactionsLocalist Diversity and a Level Playing Field?International Minimum Standards for All Jurisdictions?5. Cross-Border Migration of People6. External Imbalances and Exchange RatesImbalances in Cross-Border InteractionsTrade-off Choices for a Nation's Financial GovernanceExchange-Rate Flexibility7. Cross-Border Governance and International CooperationEmploy Border Buffers as Hostile Policy Instruments?Global Climate Change: Progress Depends on International Cooperative AgreementsCross-Border Comity, Historical Progress8. Summing Up: Crafting a Balanced CompromisePostscript: Emergence of the Coronavirus PandemicReferencesIndex