This paper examines the short-run adjustment process in the demand for money in the UK and in Germany with a view, particularly, to exploring the consequences of the different experiences of financial innovation in the two countries. Our hypothesis was that interest rate relativities might play...

This paper comprises the long introduction to the symposium of five papers on financial globalisation published in the Cambridge Journal of Economics, volume 34, no 2. The paper discusses the impact of financial globalisation in a variety of spheres and shows how the five papers link together to...