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THE RECENT SPATE OF CRISES IN EMERGING MARKETS AROUND THE WORLD HAS SHATTERED THE CONSENSUS OVER THE BENEFITS OF UNFETTERED CAPITAL FLOWS AND PROMPTED CALLS FOR A NEW GLOBAL FINANCIAL ARCHITECTURE. BUT A CLOSER EXAMINATION OF THE UNDERLYING CAUSES OF THE WORLD'S FINANCIAL WOES SUGGESTS THE NEED FOR SOME COMMONSENSE REPAIRS, NOT A RADICAL RESTRUCTURING.

Examines global capital flows, international banking and financial institutions, and emerging market crises; suggests policy options for reform.

Japan experienced a remarkable growth in international finance, through a series of liberalization measures in the 1980s. However, her position in the global financial system is still limited, as the reserve currency share of yen illustrates. Why does such a contrast exist? Historical comparison with Britain and the United States as well as extensive data provide a key to answer the question.

AbstractPolicy makers, economic or otherwise, are increasingly interested in global trade. Largely, this is due to the advent of 21st century protectionism in the form of tariffs on goods, raw materials and concerns over proliferated intellectual property (IP). The same policy makers should, however, also study jurisdictional competition in the international financial system. This more subtle phenomenon entails examining how jurisdictions attempt a balancing act to gain positive net economic effects of financial capital via their financial regulation and economic policy.

Cover -- Half Title -- Title Page -- Copyright Page -- Dedication -- Table of Contents -- List of Tables -- List of Figures and Exhibits -- List of Abbreviations -- Preface -- Acknowledgements -- 1. Introduction: The International Monetary System -- 2. Money in Economics of the Open Economy -- 2.1 Introduction: What is Money? -- 2.2 David Hume and the Quantity Theory of Money -- 2.3 Purchasing Power Parity Theory -- 2.4 The Monetarist Arithmetic -- 2.5 Balance of Payments Adjustment -- 2.6 The Absorption Model of the Balance of Trade -- 2.7 The Monetary Approach -- 2.8 Classical and Keynesian Models: A Comparison -- 2.9 Money in New Open Economy Models -- 2.10 Extension of OB-RO Model -- 2.11 The Steady State Again -- 2.12 Uncertainity and Stochastic Nature -- 2.13 Equilibrium Exchange Rate and Pass-through -- 2.14 More on Micro Structure of Exchange Rate -- 2.15 Stabilization Programme in Crisis Economies: Monetarist Approach and Polak Model -- 2.16 G-3 Exchange Rate Volatility -- 3. Money Growth, Inflation and Seigniorage -- 3.1 Introduction -- 3.2 Measurement of Seigniorage -- 3.3 Broader Definition of Seigniorage -- 3.4 Seigniorage and Exchange Rate -- 3.5 Dynamic Effects -- 3.6 Cost of Seigniorage -- 3.7 Conclusion -- 4. Multinational Corporations and Emerging Economies -- 4.1 Greenfield Investment and Merger and Acquisition: A Comparison -- 4.2 Technology Issue -- 4.3 Indian Case -- 4.4 Market Structure and Competition -- 4.5 Sequential Market Entry: A Case Study of Sony Corporation in the United States -- 5. International Financial System: A Historical Evolution -- 5.1 The Gold Standard -- 5.2 The Demise of Classical Gold Standard -- 5.3 The Bretton Woods International Monetary System -- 5.4 Multilateral Payments Mechanism -- 5.5 Resources of IMF -- 5.6 The Structure of Organization