The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the presumed growth benefits of financial integration....

This paper introduces a significant collection of papers on monetary policy in emerging market economies, written by leading analysts and policymakers. Does existing economic theory provide lessons that are pertinent for designing effective monetary policy frameworks in emerging markets? What...