Introduction : global market integration, financial crises and policy imperatives / Geoffrey R.D. Underhill and Xiaoke Zhang -- Reform of the international financial architecture : what has been written? / Jonathan Story -- Costs and benefits of financial globalisation : concepts, evidence and...

Cover; Half-title; Title; Copyright; Contents; Contributors; Foreword; Acknowledgements; Abbreviations; Introduction; Part 1 Macroeconometric evidence on the transmission mechanism in the euro area; Part 2 Firms' investment and monetary policy: evidence from micro economic data; Part 3 The role of...

Economic cycles are driven by financial flows, namely quantities of savings and credits, and not by high street inflation or interest rates. Their sweeping destructive powers are expressed through Global liquidity, a $ 130 trillion pool of footloose cash. Global Liquidity describes the gross...