01817cas a2200253 a 4500 AALejournalIMF003311 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451860221 1018-5941 BD-DhAAL BD-DhAAL Milesi-Ferretti, Gian. Financial Globalization and Exchange Rates / Gian Milesi-Ferretti, Philip Lane. Washington, D.C. : International Monetary Fund, 2005. 1 online resource (45 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The founders of the Bretton Woods System 60 years ago were primarily concerned with orderly exchange rate adjustment in a world economy that was characterized by widespread restrictions on international capital mobility. In contrast, the rapid pace of financial globalization during recent years poses new challenges for the international monetary system. In particular, large gross cross-holdings of foreign assets and liabilities mean that the valuation channel of exchange rate adjustment has grown in importance, relative to the traditional trade balance channel. Accordingly, this paper empirically explores some of the interconnections between financial globalization and exchange rate adjustment and discusses the policy implications. Mode of access: Internet Lane, Philip. IMF Working Papers; Working Paper ; No. 2005/003 Full text available on IMF http://elibrary.imf.org/view/journals/001/2005/003/001.2005.issue-003-en.xml IMF e-Library