ABSTRACT. Hawkins claims that globalization has encouraged a convergence of monetary policy operating procedures in emerging market economies towards market-based instruments. Mohanty and Scatigna remark that growing global financial integration has influenced monetary policy in important ways. Andersen and Moreno state that the extent of the jure financial integration, as gauged by measures of financial liberalization, has been uneven. Mihaljek discusses why foreign exchange inflows from privatization receipts and large swings in export earnings differ from other capital inflows.