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

The growth of international capital flow has provided further opportunities and risks in emerging markets. This volume 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 co-ordination in the midst of exchange rate instability.