THE SUBJECT OF INTERNATIONAL FINANCE CONTINUES TO DEVELOPE AS FAST OR FASTER THAN ANY OTHER FIELD IN ECONOMICS. DURING THE COURSE OF THE LAST THREE DECADES, AND SPECIALLY IN THE LAST DECADE OF THE TWENTIETH CENTURY, THE DEGREE OF INTERNAIONAL FINANCIAL INTEGRATION HAS INCREASED ENORMOUSLY. ALL MAJOR CONTRY GROUPS -OECD, DEVELOPING COUNTRY AMD, NEWEST OF ALL, THE TRANSITION ECONOMIES (FROM CENTRAL PLANNING)- ARE EXPERIENCING VASTLY INCREASED CROSS-BORDER FLOWS OF MONEY AND CAPITAL TODAY