Understanding Interdependence

Drawing together new papers by some of today's leading figures in international economics and finance,Understanding Interdependencesurveys the current state of knowledge on the international monetary system and, by implication, defines the research horizon for the future. Covering topics including the behavior of exchange rates, the choice of exchange-rate regime, current-account adjustment in classical and Keynesian models, the extent and effects of capital mobility, international debt, the stabilization and reform of the formerly planned economies, European monetary union, and international policy coordination, the book underscores the importance of these subjects and identifies lessons for policymakers. The contributors to the volume are Michael Bruno, Ralph C. Bryant, Richard N. Cooper, Michael P. Dooley, Barry Eichengreen, Stanley Fischer, Charles A. E. Goodhart, Peter Hooper, Peter B. Kenen, Paul R. Krugman, Henri Lorie, Jaime Marquez, Ronald I. McKinnon, Michael Mussa, Maurice Obstfeld, John Odling-Smee, Assaf Razin, Dani Rodrik, Mark P. Taylor, and John Williamson.

List of Figures
List of Tables
Introduction
The Endogeneity of Exchange-Rate Regimes	p. 3
Exchange-Rate Behavior under Alternative Exchange-Rate Arrangements	p. 34
Panel: One Money for How Many?	p. 84
Exchange Rates, Prices, and External Adjustment in the United States and Japan	p. 107
The Dynamic-Optimizing Approach to the Current Account: Theory and Evidence	p. 169
International Capital Mobility in the 1990s	p. 201
A Retrospective on the Debt Crisis	p. 262
Trade Liberalization in Disinflation	p. 291
Inflation and Growth in an Integrated Approach	p. 313
Panel: The Outlook for Stabilization and Reform in Central and Eastern Europe	p. 368
International Cooperation in the Making of National Macroeconomic Policies: Where Do We Stand?	p. 391
The Political Economy of Monetary Union	p. 448
What Do We Need to Know about the International Monetary System?	p. 509
Conference Participants	p. 531
Author Index	p. 535
Subject Index	p. 543
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Understanding Interdependence

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