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...

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...

This article examines the institutional preconditions for stable financial integration in a 'theory of optimal financial areas' (OFA). This theory is modelled on the theory of optimal currency areas that has been used to inform the process of monetary integration. Where it differs from optimum...