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...

Since 1990, major banking and current crises have occurred in many countries throughout the world - including Mexico and Latin America in 1994-95, East Asia in 1997-98, and Russia and Brazil in 1998 - with large costs both to the individual countries experiencing the crises and to other nations....

Main description: The crash of 2008 revealed that the world's central banks had failed to offset the financial imbalances that led to the crisis, and lacked the tools to respond effectively. What lessons should central banks learn from the experience, and how, in a global financial system,...