This significant new book provides a succinct overview of the essential policy issues surrounding capital liberalization. The book compares the experiences of transition economies in Europe with those of advanced nations, allowing the reader to examine the changing international economic and...

Evidence suggests there is a strong tendency among states to choose fixed exchange rates. Yet he interpretation of fixed exchange rates as a monetary policy rule remains unconvincing. Adopting an endogenous policy perspective, this paper argues that political-support maximizing governments...