Luiz Fernando de Paula, Professor of Economics, Institute of Economics, Federal University of Rio de Janeiro, Brazil, Barbara Fritz, Professor of Economics, School of Business & Economics and the Institute for Latin American Studies at the Freie Universität Berlin, Germany and Daniela Magalhães Prates, Senior Economist working at an International Organisation and former Associate Professor of Economics, University of Campinas (UNICAMP), Brazil

‘This is a hugely important book that draws together decades of research on the nature of the international monetary and financial system, exploring the position of developing countries therein. It convincingly shows how the subordination of developing country currencies is a fundamental constraint to (macroeconomic) policy making and thus to development and structural change. It is a must read for anybody trying to understand persistent global inequalities.’

• ContentsForeword José Antonio OcampoAcknowledgements Currency hierarchy at the encounter of Keynesian, Latin Americanstructuralist and inequality studies: an introduction 1 Theoretical foundations and historical perspectives 2 Currency hierarchy: the concept and implications for thepolicy space for peripheral economies3 The metamorphosis of external vulnerability: from ‘originalsin’ to ‘original sin redux’ 4 Expanding global financial integration at the periphery: therising peril for frontier market economies 5 Developmentalism under global financial asymmetries: whichpolicy space for growth, sustainability and equity? Currency hierarchy and financial globalisation: a conclusion References Index

Luiz Fernando de Paula, Professor of Economics, Institute of Economics, Federal University of Rio de Janeiro, Brazil, Barbara Fritz, Professor of Economics, School of Business & Economics and the Institute for Latin American Studies at the Freie Universität Berlin, Germany and Daniela Magalhães Prates, Senior Economist working at an International Organisation and former Associate Professor of Economics, University of Campinas (UNICAMP), Brazil

‘This is a hugely important book that draws together decades of research on the nature of the international monetary and financial system, exploring the position of developing countries therein. It convincingly shows how the subordination of developing country currencies is a fundamental constraint to (macroeconomic) policy making and thus to development and structural change. It is a must read for anybody trying to understand persistent global inequalities.’

• ContentsForeword José Antonio OcampoAcknowledgements Currency hierarchy at the encounter of Keynesian, Latin Americanstructuralist and inequality studies: an introduction 1 Theoretical foundations and historical perspectives 2 Currency hierarchy: the concept and implications for thepolicy space for peripheral economies3 The metamorphosis of external vulnerability: from ‘originalsin’ to ‘original sin redux’ 4 Expanding global financial integration at the periphery: therising peril for frontier market economies 5 Developmentalism under global financial asymmetries: whichpolicy space for growth, sustainability and equity? Currency hierarchy and financial globalisation: a conclusion References Index

Luiz Fernando de Paula, Professor of Economics, Institute of Economics, Federal University of Rio de Janeiro, Brazil, Barbara Fritz, Professor of Economics, School of Business & Economics and the Institute for Latin American Studies at the Freie Universität Berlin, Germany and Daniela Magalhães Prates, Senior Economist working at an International Organisation and former Associate Professor of Economics, University of Campinas (UNICAMP), Brazil

‘This is a hugely important book that draws together decades of research on the nature of the international monetary and financial system, exploring the position of developing countries therein. It convincingly shows how the subordination of developing country currencies is a fundamental constraint to (macroeconomic) policy making and thus to development and structural change. It is a must read for anybody trying to understand persistent global inequalities.’

• ContentsForeword José Antonio OcampoAcknowledgements Currency hierarchy at the encounter of Keynesian, Latin Americanstructuralist and inequality studies: an introduction 1 Theoretical foundations and historical perspectives 2 Currency hierarchy: the concept and implications for thepolicy space for peripheral economies3 The metamorphosis of external vulnerability: from ‘originalsin’ to ‘original sin redux’ 4 Expanding global financial integration at the periphery: therising peril for frontier market economies 5 Developmentalism under global financial asymmetries: whichpolicy space for growth, sustainability and equity? Currency hierarchy and financial globalisation: a conclusion References Index