Marcello Basili, Knightian Uncertainty in Financial Markets: An Assessment, p. 1
Lilia Cavallari, Current Account and Exchange Rate Dynamics, p. 27
François Chesnay, Eric Jondeau, Does Correlation Between Stock Returns Really Increase During Turbulent Periods?, p. 53
Giuseppe De Arcangelis, Giorgio Di Giorgio, Measuring Monetary Policy Shocks in a Small Open Economy, p. 81
Leonardo Gambacorta, On the Institutional Design of the European Monetary Union: Conservatism, Stability Pact and Economic Shocks, p. 109
David Chappell, Kent Matthews, Monetary Disequilibrium, Endogenous Money, Stability and the Determinacy of Inflation, p. 145

B. Eichengreen, Solving the Currency Conundrum, p. 315
A. Roma, Financial and Thermodynamic Equilibrium, p. 341
D. Asteriou, C. Siriopoulos, The Role of Political Instability in Stock Market Development and Economic Growth. The Case of Greece, p. 355

PROCEEDINGS OF THE CONFERENCE ‘ASSET SECURITIZATION AND FINANCIAL MARKET DEEPENING IN EUROPE'
E. L. VonThadden, Liquidity Creation through Banks and Markets: A Theoretical Perspective on Securitization, p. 375
I. Cooper, Comments on the paper by E.-L. von Thadden: Liquidity Creation through Banks and Markets: A Theoretical Perspective on Securitization, p. 393
P. Canziani, Business Practice in Europe, p. 399
M. G. Mazzucchelli, Managing a Bank Credit Portfolio: A Practical Standpoint, p. 407
E. Granata, Cross Country Legai Dfferences and the Italian Way to Securitization, p. 419

ESSAY REVIEW
F. Allen, D. Gale, Comparing Financial Systems reviewed by Fausto Panunzi, p. 433
Volume Index, p. 441

SPECIAL ISSUE CONTINUED: THE EAST ASIAN CRISIS: LESSONS FOR TODAY AND FOR TOMORROW
Charles A. E. Goodhart, Haizhou Huang, A Simple Model of an International Lender of Last Resort, p. 1
Jeromin Zettelmeyer, Can Official Crisis Lending be Counterproductive in the Short Run?, p. 13
Ronald I. McKinnon, The East Asian Dollar Standard, Life After Death?, p. 31
Patrick Honohan, Banking System Failures in Developing and Transition Countries: Diagnosis and Prediction, p. 83
Gongpil Choi, The Macroeconomic Implications of Regulatory Capital Adequacy Requirements for Korean Banks, p. 111
Joseph E. Stiglitz, Conclusions, p. 145

SPECIAL ISSUE: THE EAST ASIAN CRISIS: LESSONS FOR TODAY AND FOR TOMORROW
Joseph E. Stiglitz, Introduction, p. 249
Timothy Lane, Atish R. Ghosh, Javier Hamann, Steven Phillips, Marianne Schulze-Ghattas, Tsidi Tsikata, The East Asian Crisis and Policy Response - An Overview, p. 255
Andrew Berg, Catherine Pattillo, What Caused the Asian Crises: An Early Warning System Approach, p. 285
Giovanni Ferri, Li-Gang Liu, Joseph E. Stiglitz, The Procyclical Role of Rating Agencies: Evidencefrom the East Asian Crisis, p. 335
Timothy Lane, Predicting the Evolution of the Asian Crisis - A View from the IMF, p. 357
Uri Dadush, Mick Riordan, Bert Wolfe, Some Lessons from Forecasting Errors in the Recent Crisis, p. 365
Pete Richardson, Ignazio Visco, Claude Giorno, Predicting the Evolution and Effects of the Asia Crisis from the OECD Perspective, p. 383
Ilker Domaç, Giovanni Ferri, Did the East Asian Crisis Disproportionately Hit Small Businesses in Korea?, p. 403
Volume Index, p. 431

Notice to authors and readers, p. V

ARTICLES
Michele Bagella, Leonardo Becchetti, Simona Sacchi, The Positive Link Between Geographical Agglomeration and Export Intensity: The Engine of Italian Endogenous Growth?, p. 1
Nicoletta Baldini, Umberto Cherubini, Yield Curve Movements and Market Segmentation: A LISREL Analysis of the Italian Case, p. 35
Rossella Bardazzi, Marco Barnabani, Modelling Zero Expenditures on Italian Household Consumption, p. 55
Francesco Spadafora, Trigger Points and Speculative Attacks with Optimising Policy-Maker, p. 97

Book reviews, p. 125