The objective of this present volume is to analyse the response to the developments and the consequences for the conduct of monetary policy in five industrial countries. Also considered is the stability of hitherto established relationships between economic variables on which the reliability of monetary policy measures depends.

List of Tables - Acknowledgements - Notes on the Contributors - Introduction - National Monetary Policy in an Open World Economy; C.K hler - Financial Innovation and Monetary Control; C.A.E.Goodhart - Financial Innovation: A View from the Bank of England; J.S.Flemming - Capital Flows and Exchange Rates: Some Implications; G.T.Pepper - Federal Reserve Policy since October 1979: A Justified Response to Financial Innovations?; T.Mayer - The Control of Monetary Aggregates in West Germany under Changing Conditions; N.Kloten - An Empirical Study of the effects of Financial Innovations and Deregulation on the Stability of the West German Demand for Money between 1974 and 1987; S.F.Frowen & H.Schlomann - The Effects of Financial Innovation and Deregulation on French Monetary Policy; R.Raymond - Monetary Control in Japan; T.Tamura - Index