The whirlwind of financial globalization has descended upon emerging market economies and rapid change has brought both benefits and problems upon a dynamic group of nations. This book examines the impact of ever increasing financial globalization on emerging market economies, both in the former communist countries of Eastern Europe and the developing world in general. This impressive volume covers themes and issues such as: *global capital flows and financial liberalization *global financial architecture *financial and macroeconomic instability will be of interest to students and academics in many areas including international economics, international finance and international political economy. It will also provide a useful source of information for those who work in the financial industry at large.