International Macro and Finance

Introduction

The last decade has witnessed several episodes of severe financial turbulence in global currency markets. Indeed, since 1992, currency crises seem to have been the norm rather than the exception. These crises, particularly the ones in East Asia, emphasise the need to devote concerted research energies towards issues pertaining to open economy macroeconomics and international finance. Topics of particular importance include: the causes and consequences of currency and financial crises; the effects of large capital inflows in an environment in which banking institutions are fragile; appropriate exchange rate regimes for small and open emerging economies; steps towards strengthening regional and international financial architectures; domestic measures to enhance the resilience of emerging economies to external shocks; and approaches to, and country experiences with, corporate and financial restructuring. Other areas related to investment and globalisation are also highly relevant.

The CIES Research Program in International Macroeconomics and Finance has been established to foster the development of research in these areas.

(see Program Publications).

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