This book is an up-to-date, authoritative and comprehensive analysis of the key issues and challenges facing regional currency area projects in the context of financial globalization. The authors focus on several central issues that emerged during the experiences of the 1990s and 2000s: exchange...

The countries that have the least attracted external savings have registered highest growth rates over the past two decades. This paradox can be explained by an underestimation of macro-economic mechanisms induced by the inflow of capital: the external liquidity excess may require a tightening...