Globalization of Capital Markets and Monetary Policy

ANDREAS BLEY Economist, German Association of Co-operative Banks, GermanySEBASTIAN DULLIEN Economics Correspondent, Financial Times Deutschland, GermanyHENRIK ENDERLEIN Junior-Professor, Department of Economics, John F. Kennedy Institute for North American Studies, Freie Universität Berlin, GermanyGIUSEPPE FONTANA Senior Lecturer in Economics, University of Leeds, UKSTEPHEN FROWEN Senior Research Associate, Von Hügel Institute, University of Cambridge, UKJOHN GRAHL Professor of Economics, London Metropolitan University, UKCHARLES A. E. GOODHART Member, Financial Markets Group, London School of Economics and Political Science, UKWALTER W. HEERING Senior Lecturer in Financial Economics, Brighton Business School, University of Brighton, UKMICHAEL HÜTHER Managing Director, Institut der deutschen Wirtschaft, GermanyELIAS KARAKITSOS Chairman, Global Economic Research, Cambridge Centre for Economic and Public Policy, University of Cambridge, UKEVAN KRAFT Director, Research Department, Croatian National Bank, CroatiaTADEUSZ KOWALSKI Department of Economic Policy, Poznan University of Economics, PolandELKE MUCHLINSKI Lecturer in Economics, Freie Universität Berlin, GermanyANDREW MULLINEUX Professor of Global Finance and Director, Global Finance Research Group, Birmingham Business School, University of Birmingham, UKVOLKER NITSCH Junior Professor of Economic Policy, Freie Universität Berlin, GermanyÉVA KATALIN POLGÁR Lecturer, Corvinus University ofBudapest, HungaryWALTRAUD SCHELKLE Lecturer in Political Economy, London School of Economics and Political Science, UKALBRECHT SOMMER Head of Staff to the President, Regional Office, Deutsche Bundesbank, GermanyJOHANNES STEPHAN Research Fellow, Institute für Wirtschaftsforschung Halle, GermanyV. VENSEL Faculty of Economics and Business Administration, Tallinn Technical University, EstoniaNORBERT WALTER Chief Economist, Deutsche Bank Group, GermanyCLAS WIHLBORG Professor of Finance, Copenhagen Business School, Denmark

• List of Boxes, Figures, Tables and Appendices Notes on Contributors Preface Introduction; H.Tomann PART I: ISSUES OF STABILITY IN A GLOBAL FINANCIAL SYSTEM Some Reflections on Financial Stability; C.A.E.Goodhart Bankruptcy Procedures, Corporate Governance and Banks' Credit Policy in Croatia, Estonia and Poland; T.Kowalski, E.Kraft, A.Mullineux, V.Vensel & C.Wihlborg The Globalization of Securities Markets; N.Walter Scale and the Political Economy of Financial Change; J.Grahl Comment; M.Hüther Dollar Volatility and its Impact on World Financial Markets; S.F.Frowen & E.Karakitsos PART II: MONETARY POLICY STRATEGIES On the Theoretical Foundation of Monetary Policy; W.Heering Comment; W.W.Schelkle Fraternal Twins: Why the Fed and the ECB are More Similar than Often Suggested; H.Enderlein Comment; G.Fontana Central Bank Transparency: Reasons for 'Creative Ambiguity'; E.Muchlinski PART III: MONETARY POLICY IN EMERGING ECONOMIES Money and Credit Market Integration in the Run Up to EU Eastern Enlargement; J.Hölscher Acceding Countries on the Road to EMU: Introducing the Euro in Two Waves?; A.Bley Comment; J.Stephan Currency Union Entries and Trade; V.Nitsch Comment; É.K.Polgár China's Under-Valuation of the Currency; A.Sommer Comment; S.Dullien Index