Exchange Rates, Capital Flows, and Monetary Policy in a Changing World Economy : Proceedings of a Conference Federal Reserve Bank of Dallas Dallas, Texas September 14–15, 1995

The dramatic growth of international capital flow has provided unprecedented opportunities and risks in emerging markets. This book 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 coordination in the midst of exchange rate instability. Front Matter....Pages i-x Exchange Rates and Monetary Policy....Pages 1-25 Optimal Exchange Rate Policy for Stabilizing Inflation in Developing Countries....Pages 27-53 Exchange Rate Volatility, Investment, and Growth: Some New Evidence....Pages 55-83 Speculative Attacks....Pages 85-127 The Role of the Dollar as an International Currency....Pages 129-140 International Capital Flows: Direct vs. Portfolio Investment....Pages 141-221 Central Bank Coordination in the Midst of Exchange Rate Instability....Pages 223-242