Preface -- Ch. 1. Monetary integration for sustained convergence: earning rather than importing credibility / Jorge Braga de Macedo, Daniel Cohen and Helmut Reisen -- Ch. 2. Intermediate exchange-rate regimes for groups of developing countries / William H. Branson -- Ch. 3. The case for hard pegs in the brave new world of global finance / Guillermo A. Calvo -- Ch. 4. Exchange rates in transition / Brigitte Granville