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International Financial Markets

The Challenge of Globalization

As the globalization of financial markets continues, we urgently need to understand the crises that have plagued these markets and the policies best suited to preventing such crises in the future. In this book, a prominent group of economists and policymakers blend conceptual analysis and policy discussion in seven well-integrated papers, analyzing the nature of capital flows, alternative exchange-rate regimes, and the roles of international financial institutions.

After a guided tour by the editor and a historical exploration, some of the world’s leading theorists and policy analysts examine the benefits and pitfalls of capital movements and controls. In the second portion, papers examine the recent experiences of Argentina and Mexico, with Charles Calomiris—whose proposals for a new world financial architecture have elicited wide attention—contributing a response. The volume concludes with a roundtable discussion of the report of the International Financial Institutions Advisory Commission, in which the chair of the commission, Allan H. Meltzer, both comments on the report and responds to questions about it.

The material presented here will become a standard reference for analysts, policymakers, and the interested general public.

Contributors:
Leonardo Auernheimer, Matthew Bishop, Michael D. Bordo, Charles Calomiris, Guillermo A. Calvo, Augustin Carstens, Michael P. Dooley, Pablo E. Guidotti, T. Britton Harris, John P. Lipsky, Guillermo Ortiz Martinez, Allan H. Meltzer, Andrew Powell, Rene Stulz, Carl E. Walsh

Table of Contents

Acknowledgments
Introduction
1. The Globalization of International Financial Markets: What Can History Teach Us?
2. Capital Movements: Curse or Blessing?
3. Should We Fear Capital Flows?
4. Capital Flows or Capital Flaws?
5. The Dollarization Debate in Argentina and Latin America
6. The Experience with a Floating Exchange Rate Regime: The Case of Mexico
7. Blueprints for a New Global Financial Architecture
8. Roundtable: Institutions for the New Millennium
List of Contributors
Index

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