Globalization of Capital Markets and Monetary Policy [Hardcover]

Globalization of capital markets has received new momentum and it will continue to be of major importance for the years to come. Partly, the increasing integration of financial markets and the rise of foreign direct investment is a consequence of world trade expansion. But in addition to this underlying trend, the worldwide collapse of socialist systems and the opening up of big economies like India and China have fuelled the development of globalized capital markets. This book takes stock of recent developments with emphasis on emerging capital markets.List of Boxes, Figures, Tables and Appendices Notes on Contributors Preface Introduction; H.Tomann PART I: ISSUES OF STABILITY IN A GLOBAL FINANCIAL SYSTEM Some Reflections on Financial Stability; C.A.E.Goodhart Bankruptcy Procedures, Corporate Governance and Banks' Credit Policy in Croatia, Estonia and Poland; T.Kowalski, E.Kraft, A.Mullineux, V.Vensel & C.Wihlborg The Globalization of Securities Markets; N.Walter Scale and the Political Economy of Financial Change; J.Grahl Comment; M.H?ther Dollar Volatility and its Impact on World Financial Markets; S.F.Frowen & E.Karakitsos PART II: MONETARY POLICY STRATEGIES On the Theoretical Foundation of Monetary Policy; W.Heering Comment; W.W.Schelkle Fraternal Twins: Why the Fed and the ECB are More Similar than Often Suggested; H.Enderlein Comment; G.Fontana Central Bank Transparency: Reasons for 'Creative Ambiguity'; E.Muchlinski PART III: MONETARY POLICY IN EMERGING ECONOMIES Money and Credit Market Integration in the Run Up to EU Eastern Enlargement; J.H?lscher Acceding Countries on the Road to EMU: Introducing the Euro in Two Waves?; A.Bley Comment; J.Stephan Currency Union Entries and Trade; V.Nitsch Comment; ?.K.Polg?r China's Under-Valuation of the Currency; A.Sommer Comment; S.Dullien IndexANDREAS BLEY Economist, German Association of Co-operative Banks, GermanySEBASTIAN DULLIEN Economics Correspondent, Financial Times Deutschland, GermanyHENRIK ENDERLEIN Jls�