International Capital Movements and the Integration of Capital Markets (Main Paper, Working Group E)
Because we are to look at capital mobility and the integration of capital markets, I propose to emphasise dimensions of mobility that find their expression in organised markets — international transfers of instruments like stocks and bonds. I shall not say much about transfers of titles to real property or, at the opposite end of the spectrum, transfers of money in currency markets. In other words, I shall neglect direct investment and, with more serious misgivings, the problems of monetary integration posed by alternative exchange-rate regimes.
KeywordsExchange Rate Interest Rate Monetary Policy Central Bank Capital Mobility
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