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Monetary policy implications of increased capital flows

The growing integration of world capital markets has led to major changes in the environment for monetary policy. It has broadened the range of considerations that need to be taken into account in decisions about the choice of exchange rate regime. It has undermined the use of intermediate targets for domestic monetary policy. And it has made international policy coordination both more complex and more important. In exploring these issues the perspective of this paper will be that of practical decisionmaking, rather than theory.