| Preface | p. ix |
| Introduction | p. 1 |
| The role of short-term financial markets | p. 2 |
| The international aspects of money market change: a framework for analysis | p. 6 |
| Some conceptual clarifications: capital mobility and monetary policy autonomy | p. 9 |
| The case of small, open European economies | p. 13 |
| The scope and plan of the book | p. 15 |
| Background indicators of economic and financial development and integration | p. 18 |
| Indicators of economic development and economic integration/openness | p. 18 |
| Indicators of financial development and financial integration/openness | p. 30 |
| Concluding remarks | p. 39 |
| Money market formation and transformation | p. 42 |
| The emergence of efficient domestic money markets: facts and drivers | p. 42 |
| The deregulation of domestic financial sectors | p. 64 |
| The impact of money market development and deregulation | p. 75 |
| Summary observations of money market formation and transformation | p. 85 |
| Money market development and monetary policy operations | p. 92 |
| Interest rate management in practice: a few benchmark examples | p. 93 |
| Changes of central bank instruments: main drivers | p. 97 |
| Changes in central bank operations 1980-2000 | p. 99 |
| Sources and effects of fluctuations in money market liquidity in the 1980s and 1990s | p. 110 |
| Concluding remarks on money market development and monetary policy operations | p. 116 |
| External arrangements: Exchange rate regimes and capital controls | p. 120 |
| Formal exchange rate regimes and nominal exchange rate developments | p. 122 |
| De-jure vs. de-facto exchange rate policy: variability and the problem of regime classification | p. 132 |
| Capital account liberalization in the focus countries | p. 141 |
| A summary classification of external policy regimes | p. 152 |
| Measuring capital mobility: the degree of direct money market integration | p. 156 |
| International Fisher parity | p. 157 |
| An extended international Fisher parity model | p. 163 |
| 'Weak' tests of International Fisher Parity | p. 175 |
| Concluding remarks on measuring capital mobility | p. 179 |
| Monetary policy autonomy under different institutional regimes | p. 190 |
| Analytic framework and some practical considerations | p. 192 |
| Analysis of the cross-country responsiveness of policy interest rates | p. 196 |
| Bivarate tests of market interest rates and money growth rates | p. 201 |
| Multivariate tests | p. 214 |
| Concluding remarks on monetary policy autonomy | p. 223 |
| Money market development and monetary policy options: concluding remarks | p. 233 |
| No indication that general economic indicators explain EMU membership/non-membership | p. 235 |
| Four sets of motives for policy-makers to promote money market development | p. 237 |
| No signs of a single European money market | p. 239 |
| Five main reasons behind changes in monetary policy operating procedures | p. 240 |
| Loss of clout in monetary policy is not a predictor of EMU membership | p. 242 |
| No evidence of large and systematic differences in nominal exchange rate volatility across exchange rate regimes | p. 243 |
| Increasing financial integration over time, but no sign of a collective pattern for the EMU countries | p. 244 |
| Exchange rate regime not a good predictor of monetary policy autonomy | p. 246 |
| The 'cost' of losing monetary policy autonomy cannot explain EMU membership | p. 247 |
| Glossary | p. 250 |
| References | p. 258 |
| Index | p. 275 |
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