This volume examines the implications of greater financial integration on the international monetary and financial system, and how it should be reformed. Various experts consider the most disruptive manifestations of instability and the appropriate policy responses, including exchange rate...

"Alexander Swoboda is one of the originators of the bipolar view that capital mobility creates pressure for countries to abandon intermediate exchange rate arrangements in favor of greater flexibility and harder pegs. This paper takes another look at the evidence for this hypothesis using two...