This paper analyses the effects of the internationalisation of financial markets on the conduct of macroeconomic policy and the allocation of capital. It first examines the increased integration between domestic and external (or "Euro") financial markets and the recent tendency towards...

Japan's dramatic transformation from economic success to economic stagnation offers important policy lessons to advanced countries everywhere that are struggling with stagnation. The term 'Japanization' is often used by economists to describe long-term stagnation and deflation. Symptoms include...

This book looks at the key issues and lessons that policymakers must consider in designing an adequate framework for dealing with financial crises. These include structural problems and their causes, policy actions, the role of market discipline, and preemptive strategies.