The celebrated sparse representation model has led to remarkable results in various signal processing tasks in the last decade. However, despite its initial purpose of serving as a global prior for entire signals, it has been commonly used for modeling low dimensional patches due to the computational constraints it entails when deployed with learned dictionaries. A way around this problem has been recently proposed, adopting a convolutional sparse representation model. This approach assumes that the global dictionary is a concatenation of banded Circulant matrices. While several works have presented algorithmic solutions to the global pursuit problem under this new model, very few truly-effective guarantees are known for the success of such methods. In this work, we address the theoretical aspects of the convolutional sparse model providing the first meaningful answers to questions of uniqueness of solutions and success of pursuit algorithms, both greedy and convex relaxations, in ideal and noisy regimes. To this end, we generalize mathematical quantities, such as the $\ell_0$ norm, mutual coherence, Spark and RIP to their counterparts in the convolutional setting, intrinsically capturing local measures of the global model. On the algorithmic side, we demonstrate how to solve the global pursuit problem by using simple local processing, thus offering a first of its kind bridge between global modeling of signals and their patch-based local treatment.