The Structure of World Interest Rates
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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