The efforts of the central banks of Western industrial countries to stabilize exchange rates following the Louvre Agreement demonstrated yet again how difficult it can be to influence events in the foreign exchange markets. What factors are currently affecting exchange rates? What significance...

This indispensable book provides a comprehensive analysis of monetary and financial integration in East Asia. It assesses the steps already taken toward financial integration and brings forward different proposals for future exchange rate arrangements in what has now become the world's most...

Recent debates about the state of Japan's financial system focus on the weakness of Japanese banks. But, in the complex financial relations of an advanced economy bank finance cannot be seen separate from other forms of financial intermediation. Despitethe reform efforts under the Big Bang...

European monetary integration was one element in the process of financial market integration but by far not the only one. The paper traces the development of financial markets and systems in Europe from the beginnings of the euromarkets in the 1950s over early exchange rate arrangements and the...