Political Economy of International Monetary Interdependence (7 Parts-Set)

Contents: Part I: Acknowledgements. Contributors. Introduction. I. Debate on the international financial architecture: 1. Recasting the international financial agenda/Jose Antonio Ocampo. 2. Two challenges for the twenty-first century: achieving financial discipline and putting the internationalization process in order/Robert Boyer. 3. Strengthening the international financial architecture: where do we stand/Barry Eichengreen. 4. Governing the global economy: does one architectural style fit all?/Dani Rodrik. 5. The debate on the international financial architecture: reforming the reformers/Yilmaz Akyuz. 6. The origins of the Bretton Woods System: lessons for the future/Hans W. Singer. II. Principles of financial regulation: 7. The underpinnings of a stable and equitable global financial system: from old debates to a new paradigm/Joseph E. Stiglitz and Amar Bhattacharya. 8. Shaken and stirred; explaining the growth volatility/William Easterly, Roumeen Islam and Joseph E. Stiglitz. 9. International experiences with different monetary policy regimes/Frederic S. Mishkin. 10. Macroeconomic adjustment under Bretton Woods and the post-Bretton Woods Float: an impulse response analysis/Tamin Bayoumi and Barry Eichengreen. 11. Globalization without global money: the double role of the Dollar as National Currency and World Currency/Stephan Schulmeister. 12. Principles of financial regulation: a dynamic portfolio approach/Joseph E. Stiglitz.

Part II: III. The global financial instability: 13. Coping with accelerated capital flows from the globalization of financial markets/Wing Thye Woo. 14. Volatility and investment: interpreting evidence from developing countries/Joshua Aizenman and Nancy Marion. 15. Reflections on the international monetary system/Ariel Buira. 16. International institutions for reducing global financial instability/Kenneth Rogoff. 17. The World Bank at the millennium/Joseph E. Stiglitz. 18. Whither the World Bank and the IMF?/Anne O. Krueger.

Part III: IV. Lender of last resort: 19. Incentives, mechanisms surrounding international financial institutions/Koichi Hamada. 20. On the need for an international lender of last resort/Stanley Fischer. 21. "Enemy of None But a Common Friend of All?" An international perspective on the lender of the last resort function/Curzio Giannini. 22. Governance-related conditionalities of the international financial institutions/Devesh Kapur and Richard Webb. V. Capital flows to developing countries: 23. Capital flows to developing countries and the reform of the international financial system/Yilmaz Akyuz and Andrew Cornford. 24. Reform of the international financial system and institutions in the light of the Asian financial crisis/Yung Chul Park and Yungjong Wang. 25. Short-term capital flows/Dani Rodrik and Andres Velasco. 26. Tripolar structure of the international banking and financial markets/Tokutaro Shibata. 27. Can flexible exchange rates still "Work" in financially open economies?/Ilan Goldfajn and Gino Olivares.

Part IV: VI. The exchange rate regimes: 28. The endogeneity of the optimum currency area criteria/Jefferey A. Frankel and Andrews K. Rose. 29. Monetary independence under Bretton Woods: Perspectives from a Stochastic maximizing model/Kit P.M. Pasula. 30. Verifying exchange rate regimes/Jeffrey Frankel, Eduardo Fanjnzyiber, Sergio Schmukler and Luis Serven. 31. Common currencies versus currency areas preferences, domains and sustainability/Peter B. Kenen. 32. No single currency regime is right for all countries or at all times/Jeffrey A. Frankel. VII. Global financial instability: 33. Transition strategies and nominal anchors on the road to greater exchange rate flexibility/Barry Eichengreen, Paul Masson, Miguel Savastano and Sunil Sharma. 34. Global transmission of interest rates, monetary interdependence and currency regime/Jeffrey Frankel, Sergio Schmukler and Luis Serven. 35. How risky is financial liberalization in the developing countries/Charles Wyplosz. 36. International monetary reform and real exchange rate targeting/C. Paul Hallwood. 37. Global financial instability: framework, events, issues/Frederic S. Mishkin.

Part V: VIII. Sustainability of private capital flows: 38. The surge in capital inflows to developing countries: prospects and policy response/Eduardo Fernandez Arias and Peter J. Montiel. 39. Sustainability of private capital flows to developing countries: is a generalized reversal likely?/Leonardo Hernandez and Heinz Rudolph. 40. How effective are capital controls?/Sebastian Edwards. 41. Periods of currency pressure: stylized facts and leading indicators/Maria Socorro Gochoco Bautista. 42. Portfolio diversification, leverage and financial contagion/Garry J. Schinasi and R. Todd Smith. 43. Restoring banking stability: beyond supervised capital requirements/Gerard Caprio and Patrick Honohan. 44. The theory and practice of financial stability/Andrew Crockett. IX. Currency area and the EMU: 45. The third leg of the stool: financial stability as a prerequisite for EMU/Ivo J.M. Arnold. 46. Miniblocs and Fringe currencies of the EMU/Patrick Honohan. 47. Currency areas, common currencies and EMU/Robert A. Mundell. 48. A new test of international financial integration with applications to the European Union/Mark J. Holmes and Eric J. Pentecost. 49. Is Europe an optimum currency area? Evidence on the magnitude and asymmetry of common and country-specific shocks in 20 European countries/Georgios Karras. 50. The Euro\'s place in the World Monetary System/Henrik Muller and Thomas Straubhaar.

Part VI: X. The Euro and the Dollar: 51. Europe and the crisis: safe haven or menace global economy/Peter Nunnenkamp. 52. The relations among Canadian, Mexican and US Short-term money markets: a Pre-NAFTA Analysis/Su Zhou, Lila Truett and Dale Truett. 53. The Euro and the Dollar/Robert N. McCauley. 54. A regime--switching approach to study speculative attacks: a focus on European monetary system crises/Maria Soledad Martines Peria. 55. Changes in the extent of financial interdependence between the G7 countries in the 1970s and 1980s/Mark J. Holmes and Eric. J. Pentecost. 56. Accountability, credibility, transparency and stabilization policy in the Euro System/Alex Cukierman. 57. Two years into the Euro: the next step for Europe/Stefan Colligon. 58. The road leading to the Euro/Ali M. El-Agraa.

Part VII: XI. The emerging market crisis: 59. How interest rates changed under financial liberalization: a cross-country review/Patrick Honohan. 60. The political economy of \'Policy Credibility\': the new classical macroeconomics and the remarking of emerging economies/Ilene Grabel. 61. Emerging market crises: an asset markets perspective/Ricardo J. Caballero and Arvind Krishnamurthy. 62. An interpretation of dynamics of the New US Monetary and financial system/Marcos Antonio Macedo Cintra. XII. Policies for stabilizing capital flows: 63. The future role of the international monetary fund/Aziz Ali Mohammed. 64. The international financial institutions and the poor/Paul Streeten. 65. Policies for stabilizing capital surges in emerging economies/Richardo French Davis. 66. Simple debt dynamics: the case of Brazil and Argentina/Rainer Haselmann, Stephanie Holle, Clemens Kool and Thomas Ziesemer. 67. One country, one currency: Dollarization and the case for monetary outsourcing/Blake LeBaron and Rachel McCulloch. Index.

"During the 1990s, the official and private flows showed opposite trends; while the former tended to decline over the years but private capital flows showed significant growth. In view of instability of private capital flows, various emergency packages were designed. But the official development finance and bilateral and consistently lagged behind; at present it is just one third of agreed target of 1 p.c. of GNP of developed countries.

Above trend was partly offset by increased share of growth in ODA; the focus of private flows has been on middle-income countries but low-income countries\' share in private financing has been declining. But foreign direct investments are highly focused on China and in the middle-income countries financial volatility and contagion issues are most relevant.

Hence there is a need for exceptional financing with focus on some emerging countries. The volatility of contagion showed by the private capital flows are a serious problem indeed; no less important are issues of marginalization of the poorest countries." (jacket)