Lecture presented to the Georgetown University Graduate Program in International Management (Oxford, August 2012).Slides (pdf)Audio (mp3)Audio TOC:0:00 Introduction, Plan of the talk1:00 Real exchange rate4:10 Purchasing Power Parity6:05 East Asia crisis10:37 Hong Kong is the exception14:20 Financial globalization16:45 Internal devaluation in Argentina20:00 Greece23:10 Pathways out of the crisis25:10 De-globalization in Europe?26:41 Monetary trilemma28:38 History Lesson: […]