The papers collected in this volume are those presented at the
seventeenth Collo- quium arranged by the Societe Universitaire
Europeenne de Recherches Financieres (SUERF), which took place in Berlin
in October 1992. The Society is supported by a large number of central
banks and commercial banks, by other fmancial and business institutions
and by personal subscriptions from academics and others interested in
monetary and fmancial problems. Since its establishment in 1963, it has
developed as a forum for the exchange of information, research results
and ideas among academics and practitioners in these fields, including
central bank officials and civil servants responsible for formulating
and applying monetary and financial policies, national and
international. A major activity of SUERF is to organise and conduct
Colloquia on subjects of topical interest to its members. The titles,
places and dates of previous Colloqu for which volumes of the collected
papers were published are noted on the last page of this volume.