Financial Developments in National and International Markets

DAVID CANTARERO Assistant Lecturer, University of Cantabria, SpainEMMANUEL CARRÉ PhD. Student, University of Montesquieu-IFREDE, FranceDAVID CEBALLOS Assistant Lecturer, University of Barcelona, SpainEUGENIA CORREA Professor in Economic Finance, Mexico National University, MexicoKORKUT ERTURK Associate Professor of Economics, University of Utah, USADAVIDE FURCERI PhD. Student, University of Illinois, USACLAUDE GNOS Associate Professor of Economics, University of Burgundy and Director, Center for Monetary and Financial Studies, FranceCARMEN GÓMEZ Lecturer in Economics, University of the Basque Country, SpainGREG HANNSGEN Research Associate, Levy Economics Institute of Bard College, USAELIAS KARAKITSOS Chairman, Global Economic Research and Associate Member, Cambridge Centre for Economic and Public Policy, University of Cambridge, UKEDWIN LE HERON Maître de Conférences in Economics, Institut d'Etudes Politiques, FranceLOUIS-PHILIPPE ROCHON Assistant Professor of Economics, Laurentian University, CanadaCARLOS RODRÍGUEZ Reader in Economics, University of the Basque Country, SpainSERGIO ROSSI Assistant Professor of Economics, University of Fribourg and University of Lugano, SwitzerlandMALCOLM SAWYER Professor of Economics and Pro Dean for Learning and Teaching, Leeds University Business School, UKPABLO TORAL Mouat Junior Professor of International Studies, Beloit College, USAULVI VAARJA Lecturer in Macroeconomics and Money and Banking,Technical University of Tallinn and Senior Economist, Bank of Estonia, EstoniaGREGORIO VIDAL Professor in Economic Policy, Mexico Metropolitan University, Mexico

• Notes on the Contributors Introduction; P.Arestis, J.Ferreiro & F.Serrano Disutility of International Debt: Analytical Results and Methodological Implications; G.Hannsgen On the Changing Nature of Currency Crises; K.Erturk Financial System Regulation; Stability versus Instability: Some Strategic Considerations; D.Cantarero & D.Ceballos The Bretton Woods Institutions Sixty Years Later: A 'Glocal' Reform Proposal; S.Rossi The Monetary Policy of the ECB and the FED: Credibility versus Confidence, a Comparative Approach; E.Le Heron & E.Carré The Case for Fiscal Policy; P.Arestis & M.Sawyer Is an Increase of the Fiscal Budget at EMU Level Desirable?; D.Furceri How Sensitive is the US Dollar to Economic Policy?; E.Karakitsos The Pattern of Inward FDI Geographical Distribution: Can Developing Countries Base their Development on these Flows?; C.Rodríguez, J.Ferreiro & C.Gómez Financial Deregulation and Capital Flows in Latin American Countries; E.Correa & G.Vidal The Impact of Multinational Banking on Domestic Banking; C.Gnos & L-P.Rochon Spanish FDI in Latin America, 1989 - 2004: A Constructivist Framework for Analysis; P.Toral Role of the International Monetary Fund in the Economic Policymaking and Growth of the Baltic Countries; U.Vaarja Index