Preface
Foreword
1. Introduction Leonardo Leiderman and Assaf Razin
Part I. Macroeconomic Policy: 2. Are industrial-country consumption risks globally diversified? Mauric Obstfeld
Discussion Benjamin Bental
3. Business-cycle volatility and openness: an exploratory cross-sectional analysis Assaf Razin and Andrew K. Rose
Discussion Enrique G. Mendoza and Vittorio Grilli
4. The robustness of macroeconomic indicators of capital mobility Enrique G. Mendoza
Discussion Joseph Zeira
Part II. Exchange Rate Volatility: 5. An interpretation of recent research on exchange rate target zones Lars E. O. Svensson
Discussion Shmuel Kandel and Andrew K. Rose
6. Some evidence on a strategic model of exchange rate bands Alex Cukierman, Miguel A. Kiguel and Leonardo Leiderman
Discussion Lars E. O. Svensson and Giuseppe Bertola
7. Exchange rate volatility, uncertainty and investment: an empirical investigation John Huizinga
Discussion Rafi Melnick
Part III. Investment and Growth: 8. Foreign finance and economics growth: and empirical analysis Daniel Cohen
Discussion Elhanan Helpman
9. Convergence in growth rates: a quantitative assessment of the role of capital mobility and international taxation Assaf Razin and Chi-Wa Yuen
Discussion Oren Sussman
10. Will government policy magnify capital flow volatility? Giuseppe Bertola and Allan Drazen
Discussions Gian Maria Milesi-Ferretti and Nathan Sussman
Part IV. Policy Perspectives: 11. The political economy of capital controls Alberto Alesina, Vittorio Grilli and Gian Maria Milesi-Ferretti
Discussion Roni Schachar and Marco Pagano
12. Capital controls and capital account liberalisation in industrial countries Donald J. Mathieson and Liliana Rojas-Suarez
Discussion Eran Yashiv.
