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The American and European debt crises have dragged on for years now. Yet none of the heavily indebted countries -- not the United States, not the peripheral eurozone borrowers -- has been able to use a traditional weapon to fight the debt crisis: inflation. This has been the crucial difference between the current crisis and similar ones in the past. Recovery from a debt crisis is always painfully slow, for reasons both economic and political. Creditors need to rebuild their balance sheets and are unwilling to make potentially risky loans. Debtors need to boost savings to cover their debts and are unwilling to resume spending. At the same time, debt-ridden countries collapse into political conflict over the question of who will pay to get them out of the red: Should it be taxpayers, bankers, public workers, or investors? Adapted from the source document.

Progress in the study of international politics depends on systematic, rigorous theory and empirical testing. International Relations is most useful when scholars can identify with some confidence the causal forces that drive foreign policy and international interactions, not when they use their detailed empirical knowledge to offer opinions, however intelligent and well informed. Deterrence theory, the democratic peace research program, and the political economy of trade policy demonstrate the importance of both theory and empirical research in enhancing the understanding of international relations. The bargaining theory of war and open economy politics are the current frontiers of research on international relations and promise even greater understanding in the future.

Progress in the study of international politics depends on systematic, rigorous theory & empirical testing. International Relations is most useful when scholars can identify with some confidence the causal forces that drive foreign policy & international interactions, not when they use their detailed empirical knowledge to offer opinions, however intelligent & well informed. Deterrence theory, the democratic peace research program, & the political economy of trade policy demonstrate the importance of both theory & empirical research in enhancing the understanding of international relations. The bargaining theory of war & open economy politics are the current frontiers of research on international relations & promise even greater understanding in the future. 1 Figure, 101 References. [Reprinted by permission of Sage Publications Inc., copyright 2005 The American Academy of Political and Social Science.]

European monetary unification (EMU) ‐ the creation of a single European currency and a European Central Bank ‐ is both an economic and a political phenomenon. Yet few studies have attempted to address simultaneously the political and economic dimensions of the process. In this introduction, we review and extend the relevant literatures. The evidence leads us to conclude that EMU is driven mainly by political rather than economic factors, although our understanding of even these political forces remains incomplete.

Introduction / Barry Eichengreen, Jeffry Frieden -- The transition to economic and monetary union / Geoffrey Garrett -- The political economy of French economic policy in the perspective of EMU / Christian de Boissieu, Jean Pisani-Ferry -- Macroeconomic stabilization with a common currency / Kenneth M. Kletzer -- Economic and political integration / Lisa L. Martin -- Banking regulation with variable geometry / Jurgen von Hagen, Michele Fratianni -- The impact of economic integration on European wage-setting institutions / Michael Wallerstein -- Nordic accession / Jonathon W. Moses, Anders Todal Jenssen -- Alpine contrasts / Sven W. Arndt -- The political economy of Eastern enlargement / Peter Bofinger

Offers the apparent North American consensus on the analysis of international political economy, highlighting the empirical hotspots that have captured the most attention & some that require a bit more consideration. The areas of international trade, monetary relations, & foreign direct investment are scrutinized to define the research limits of international political economy in terms of empirical puzzles & a theoretical agenda. Some research strands are organized around concepts, eg, international cooperation, rather than specific areas; the need for more nuanced & measurable outcomes for these analyses is cited. The domestic politics of foreign economic policy is examined, noting that the heart of the domestic-international link lies in the reciprocal impact of domestic institutions & interests on international interaction. Attention turns to the international level of analysis targeting the strategic interactions of national states with respect to economic affairs & the role of international institutions in setting the tone of international economic relationships. The narrow range of analytical & empirical problems tackled by the extant literature is cited, & it is contended that theorizing the integration of the domestic & international levels of analysis is a key pursuit. J. Zendejas

▪ Abstract  The structure of international monetary relations has gained increasing prominence over the past two decades. Both national exchange rate policy and the character of the international monetary system require explanation. At the national level, the choice of exchange rate regime and the desired level of the exchange rate involve distributionally relevant tradeoffs. Interest group and partisan pressures, the structure of political institutions, and the electoral incentives of politicians therefore influence exchange rate regime and level decisions. At the international level, the character of the international monetary system depends on strategic interaction among governments, driven by their national concerns and constrained by the international environment. A global or regional fixed-rate currency regime, in particular, requires at least coordination and often explicit cooperation among national governments.