International Financial Integration: History, Theory and Applications in Oecd Countries

Abstract

Introduction: the analytical framework of the book. Part 1 The institutional framework and measurement of financial integration: official sector developments - The International Monetary Fund and intergovernmental monetary cooperation, 1946-1960 private sector developments - the internationalization of financial intermediation and integration, 1960-1992 financial integration in the world economy - meaning and measurement. Part 2 Macro-theoretical implications of financial integration: the effectiveness of macroeconomic policies in the open economy open economy adjustments in a longer term framework insulation of the domestic economy from random disturbances asset market models and exchange rate adjustments. Part 3 Financial integration and monetary management: monetary management - theory and practice financial integration in the OECD area monetary management experiences in OECD countries.