Many scholars predict that China will soon challenge the United States for global primacy. This prediction is largely based on power transition theory, which assumes that rising challengers inevitably ...

During a major crisis, the transitional dynamics of conditional convergence are unlikely to apply. In this paper, we introduce a Markov chain approach which integrates the study of crises and ...

While economic theory highlights the usefulness of flexible exchange rates in promoting adjustment in international relative prices, flexible exchange rates also can be a source of destabilizing ...