Description: The polemic about the proper role of monetary policies and the appropriate functions of central banks has received renewed stimulus from a number of very current events. In Europe, the creation of a supranational central bank has been realized. In the United States and other industrial as well as emerging countries, the attributes and functions of central banks have been the subject of lengthy debates. Professional interest has also been centered recently on the issues of exchange regimes and the proper targeting for monetary policy.

The various papers in this collection deal with this broad set of monetary and central banking issues, and draw implications of high relevance for post-socialist transition economies. These implications, however, are also important for other emerging markets and for advanced economies as well. The major subjects covered are classified within the following five categories: 1) The definitions, meaning, and results of central bank independence. 2) Goals and objectives of central bank operations. 3) Central banks and financial sector soundness. 4) Capital mobility, currency crises, and the role of capital controls. 5)The implications of European Monetary Unification for transition economies.

The volume also includes analyses of a number of current issues such as capital flows, currency crises, currency boards, and the implications of European Monetary Union for transition economies.

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