The essays collected in this volume discuss the impact of increased capital mobility on macroeconomic performance.

Introduction Sebastian Edwards; Part I. Monetary policy and Stabilization in Open Economies: 1. Stabilization and liberalization policies in semi-open economies Robert Mundell; 2. Monetary regime choice for a semi-open country Jeffrey A. Frankel; 3. Capital account liberalization: bringing policy in line with reality Manuel Guitián; Part II. Capital Mobility and Macroeconomic Policy in Europe: 4. The lessons of European monetary and exchange rate experience Patrick Minford; 5. Experience with controls on international capital movements in OECD countries: solution or problem for monetary policy? Jeffrey R. Shafer; 6. Real exchange rates and capital flows: EMS experiences Alberto Giovannini; 7. Monetary policy after German unification Wilhelm Nölling; Part III. Capital Controls and Macroeconomic Policy in the Asia-Pacific Region: 8. Capital movements, real asset speculation, and macroeconomic adjustment in Korea Yung Chul Park and Won-Am Park; 9. The determinants of capital controls and their effects on trade balance during the period of capital market liberalization in Japan Shin-ichi Fukuda; 10. Capital mobility and economic policy Michael Dooley; 11. Monetary and exchange rate policies 1973-1991: the Australian and New Zealand experience Victor Argy; Part IV. Capital Mobility and Exchange Rates in Latin America: 12. Exchange rates, inflation, and disinflation: Latin American experiences Sebastian Edwards; 13. Capital inflows to Latin America with reference to the Asian experience Guillermo A. Calvo, Leonardo Leiderman and Carmen M. Reinhart; 14. Opening the capital account: costs, benefits and sequencing James A. Hanson; Index.