ABSTRACT. The task of monetary theory is a much wider one than is commonly assumed (Hayek). Beccalli et al. shift the focus from the traditional framework to the relationship between share prices and efficiency measures. Countries that open the capital account before eliminating severe macroeconomic imbalances are courting disaster (Eichengreen). Global economic difficulties have been exacerbated by a series of financial crises that have spread havoc and produced sharp recessions throughout much of the world (J.B. Rosser and M.V. Rosser).



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