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Introduction: shaping a new international financial system -contributions and challenges, Karl Kaiser, John J. Kirton and Jospeh Daniels.Part 1 The crisis and its legacies: the G7 Summit's contribution - past,present and prospective, Nicholas Bayne; the Asian Crisis and itsimplications, Takashi Kiuchi; the G7, international finance, and developingcountries, Duncan Wood; the dynamics of G7 leadership in crisis response andsystem reconstruction, John Kirton. Part 2 Constructing the new system:transparentizing the global money business - Glasnost or just another wildcard in play? George M. von Furstenberg; global capital markets - maximizingbenefits, minimizing risk, Joseph Daniels; the new financial architecture forthe global economy, Norbert Walter; the role of the International MonetaryFund as lender of last resort, Curzio Giannini. Part 3 The broader issues:practising exchange rate flexibility, Olivier Davanne and Pierre Jacquet; cansmall countries keep their own money and floating exchange rates? George M.von Furstenberg; from globalization to regionalism - the foreign directinvestment dimension of international finance, Alan Rugman; challenges andcontributions to the conventional wisdom, Karl Kaiser, John J. Kirton andJoseph Daniels. Appendix: strengthening the international financialarchitecture, report of G7 Finance Ministers to the Koln Economic Summit.