Exchange Rates, Capital Flows, and Monetary Policy in a Changing World Economy

The dramatic growth of international capital flow has provided unprecedented opportunities and risks in emerging markets. This book is the result of a conference exploring this phenomenon, sponsored by the Federal Reserve Bank of Dallas. The issues explored include direct versus portfolio investment; exchange rates and economic growth; and optimal exchange rate policy for stabilizing inflation in developing countries. It concludes with a panel discussion on central bank coordination in the midst of exchange rate instability.

Inhalt
I Exchange Rates and Monetary Policy.- II Optimal Exchange Rate Policy for Stabilizing Inflation in Developing Countries.- Appendix to Part ll Exchange Rate Policy and Macroeconomic Stability.- III Exchange Rate Volatility, Investment, and Growth: Some New Evidence.- Appendix to Part III Description of the Data.- IV Speculative Attacks.- Appendix to Part IV Foreign Exchange Hedging with Synthetic Options and the Interest Rate Defense of a Fixed-Exchange-Rate Regime.- V The Role of the Dollar as an International Currency.- VI International Capital Flows: Direct vs. Portfolio Investment.- Appendix A to Part VI A Survey of Academic Literature on Controls Over International Capital Transactions.- Appendix B to Part VI Are Recent Capital Inflows to Developing Countries a Vote For or Against Economic Policy Reforms?.- VII Central Bank Coordination in the Midst of Exchange Rate Instability.