The Structure of World Interest Rates

  • David T. Llewellyn
Part of the Problems in Economic Integration book series


A central feature of the analysis of earlier chapters has been the complex linkage of monetary conditions between countries brought about by international capital movements. An important aspect of the international monetary system is therefore the extent to which, under various exchange-rate regimes, countries are able to pursue independent monetary policies. In particular, the extent to which interest rates in different financial centres move together is one measure of the degree of interdependence of national monetary systems.


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Selected Bibliography

  1. Aliber, R. Z. (1978) ‘The Integration of National Financial Markets’, Weltwistschaftliches Archiv (1978) pp. 448–77.Google Scholar
  2. Argy, V., and, Hodjera, Z. (1973) ‘Financial Integration and Interest Rate Linkages in Industrial Countries’, IMF Staff Papers, Mar 1973.Google Scholar
  3. Corden, W. M. (1972) Monetary Integration, Essays in International Finance, No. 93 (Princeton University Press).Google Scholar
  4. Fase, M. (1974) ‘The Interdependence of Short-Term Interest Rates in the Major Financial Centres of the World: Evidence 1961–72’, Kyklos (1974) pp. 93–6.Google Scholar
  5. Herring, R. H., and Marston, R. M. (1977) National Monetary Policies and International Financial Markets (Amsterdam: North-Holland).Google Scholar
  6. Kenen, P. B. (1976) Capital Mobility and Financial Integration: A Survey, Studies in International Finance, No. 39 (Princeton University Press).Google Scholar
  7. Kouri, P. J. K. (1977) ‘International Investment and Interest Rate Linkages under Flexible Exchange Rates’, in The Political Economy of Monetary Reform, ed. R. Z. Aliber (New York: Allan Held, Osman).Google Scholar
  8. Kwach, S. Y. (1971) ‘Structure of International Interest Rates’, Journal of Finance, Sept. 1971.Google Scholar
  9. Logue, D. E., Salant, M. A., and Sweeney, R. J. (1976) ‘International Integration of Financial Markets: Survey, Synthesis and Results’, in C. H. Stem et al., Eurocurrencies and the International Monetary System (Washington: American Enterprise Institute for Public Policy Research).Google Scholar
  10. Marston, R. (1974) ‘American Monetary Policy and the Structure of the Euro-Dollar Market’, Princeton Studies in International Finance, No. 34 (Princeton, N.J.: Princeton University Press).Google Scholar

Copyright information

© David T. Llewellyn 1980

Authors and Affiliations

  • David T. Llewellyn
    • 1
  1. 1.Loughborough UniversityUK

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