The turbulent 1980s and 1990s have seen important developments in the area of money and banking; these are discussed in this volume, focusing on financial innovations, the EMS and international monetary systems, monetary policy is an interdependent world, liquidity constraints and monetary policy, and monetary problems of developing countries.

Elasticities of Surprise in the Concept of Policy; G.L.S.Shackle - Asset Deflation and Financial Fragility; P.Davidson - The Value of Monetary Stability in the World Today; H.Tietmeyer - Central Bank Policy: Wishes and Reality; O.Issing - Sources of Finance, Recent Changes in Bank Behaviour and the Theory of Investment and Interest; V.Chick - Bank Insolvency and Deposit Insurance: A Proposal; C.Goodhart - Home Country Deposit Insurance; D.Schoenmaker - European Banking Strategies Beyond 1992; E.P.M.Gardener - The Transmission of Monetary Policy in Independent Economies: An Empirical Investigation of the US and Europe; E.Karakitsos - UK Monetary Aggregates: Definition and Control; P.Arestis, I.Biefang, F.Mariscal & P.Howells - Monetary Control: Theory, Empirics and Practicalities; K.Cuthbertson - An Evaluation of the Performance of P-Star as an Indicator of Monetary Policy in France and Germany: A Cointegration Approach; C.Bordes, E.Girandin & V.Marimoutou - The Effectiveness of Monetary Policy in the Presence of Liquidity Constraints; G.Hadjimatheou - The Use of Financial Spreads as Indicators of Real Activity; E.P.Davis & S.G.B.Henry - Financial Liberalisation and Economic Development: A Critical Exposition; P.Arestis & P.Demetriades - Stephen F. Frowen: List of Publications - Index