THE BROOKINGS PANEL on Economic Activity celebrated its twenty-fifth
anniversary with its fifty-ninth conference, held in Washington, D.C.,
on April 6 and 7, 1995. This issue of Brookings Papers on Economic Activity
includes the articles and discussions presented at that conference.
The first article analyzes trade liberalization across countries to trace
the effects of increasing global integration on economic performance.
The second examines the experience of floating exchange rate regimes
in the aftermath of the Bretton Woods system. The third examines the
role of permanent job loss in, labor market dynamics. The fourth assesses
the field of growth theory. And the fifth article considers the
causes and implications of the late-twentieth-century globalization of
the world economy.