Inhalt: | The dramatic evolution of financial markets in the 1980s and 1990s, accompanied by increasing institutional integration between nations (most notably in the EU), have fostered a widespread belief that governments - particularly those of small economies - have essentially lost the power to pursue sovereign, independent economic policies. At the same time, it is widely assumed that the loss of monetary-policy control is a major opportunity cost for a country adopting a rigid exchange-rate regime or, in the European context, for countries joining the EMU This book sheds light on these arguments 1. Introduction -- 2. Background indicators of economic and financial development and integration -- 3. Money market formation and transformation -- 4. Money market development and monetary policy operations -- 5. External arrangements : exchange rate regimes and capital controls -- 6. Measuring capital mobility : the degree of direct money market integration -- 7. Monetary policy autonomy under different institutional regimes -- 8. Money market development and monetary policy options : concluding remarks |
