Publisher's Synopsis
The 1970s witnessed a general dismantling of controls on capital and a growing interdependence between the financial markets of industrial and developing nations. This volume aims to provide explanations and solutions to the major questions raised by these developments, and argues for greater official intervention in the international financial system.;The author attempts to determine the role that the Euromarkets have played in creating the interdependence between financial markets by investigating the relationship that exists between American and British monetary conditions, focusing on the removal of exchange controls in the United Kingdom in 1979 and the impact this had on the conduct of monetary policy. The author then looks at the effect of interdependence on the stability of the international monetary system, concentrating on the role of the banks in the international debt crisis.
