Table of Contents

Contents:

1. Introduction

2. Analytic Fundamentals: Identity Spaces, Decision Spaces, Jurisdictions, Governing Authorities

Externalities, Market Failures, Public Goods, Governance Failures

Trade-offs

Benefits of External Openness

Costs and Risks of External Openness

Distribution of the Net Benefits and Net Costs of External Openness

Tensions between Local Autonomy and External Openness

De Jure Sovereignty and De Facto Autonomy

3. Localism

Insiders and Outsiders

Simultaneously Looking Inward and Outward

4. Border Buffers

General Guidelines

Border Buffers for Goods, Services, and Financial Transactions

Localist Diversity and a Level Playing Field?

International Minimum Standards for All Jurisdictions?

5. Cross-Border Migration of People

6. External Imbalances and Exchange Rates

Imbalances in Cross-Border Interactions

Trade-off Choices for a Nation's Financial Governance

Exchange-Rate Flexibility

7. Cross-Border Governance and International Cooperation

Employ Border Buffers as Hostile Policy Instruments?

Global Climate Change: Progress Depends on International Cooperative Agreements

Cross-Border Comity, Historical Progress

8. Summing Up: Crafting a Balanced Compromise

Postscript: Emergence of the Coronavirus Pandemic

References

Index

About the Author

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).