The turbulence in East Asia, the contagious effects on financial markets of other emerging economies and even on the major world stock markets, and the renewed instability in exchange rates are, I think, warnings of trouble in a world in which capital is free to flow as never before around the...

This book presents the proceedings of a conference held in Beijing, China, on the role of central banks. Among the speakers were Paul A. Volcker, Miguel Mancera, and Jean Godeaux. The paperss review the role of monetary policy, its formulation and implementation, the supervision and regulation...