Includes bibliographical references and index.

1. Introduction / Rebecca Driver, Peter Sinclair and Christoph Thoenissen -- 2. Can emerging markets float? should they inflation target? / Barry Eichengreen -- 3. Exchange rates, inflation and monetary policy objectives in open economies : the experience of Chile / Rodrigo Caputo -- 4. The expenditure switching effect and the choice between fixed and floating exchange rates / Ozge Senay and Alan Sutherland -- 5. Economic shocks and the choice of currency area : the case of Argentina, 1991-2002 / Paul Hallwood, Ian Marsh and Jörg Scheibe -- 6. Concepts of equilibrium exchange rates / Rebecca Driver and Peter Westaway -- 7. Fundamental equilibrium exchange rates and currency boards : evidence from Argentina and Estonia in the 1990s / Kalin Hristov -- 8. Revisiting the border : an assessment of the law of one price using very disaggregated consumer price data / Charles Engel, John H. Rogers and Shing-Yi Wang -- 9. An asset market integration test based on observable macroeconomic stochastic discount factors / Peter N. Smith, Steffen Sorensen and Mike Wickens -- 10. Real exchange rates, current accounts and the net foreign asset position / Christoph Thoenissen -- 11. The macroeconomics of international financial trade / Philip Lane -- 12. External adjustment and debt sustainability / Douglas Hostland and Lawrence Schembri -- 13. What type of country restricts international capital movements? / Dan Huynh and Peter Sinclair -- 14. An empirical analysis of the "impossible trinity" : an East Asian perspective / Izumi Takagawa -- 15. Sterilized intervention and monetary control : the case of Korea / Byung Han Seo -- 16. Intervention in the foreign exchange market in a model with noise traders / Paul De Grauwe and Marianna Grimaldi -- 17. Exchange rates, capital flows and policy : some concluding observations / Rebecca Driver, Peter Sinclair and Christoph Thoenissen.

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