This collection of original essays offers a selection of contemporary scholarship intended to help define an agenda for future research in the field of international trade and finance. Written to honour Peter B. Kenen and to follow his work, the volume is divided into three parts: international trade theory, international monetary theory, and applied policy analysis. Trade issues addressed include the role of capital in standard trade models, welfare implications of economic integration, and the relationship between economic openness and the size of government. The monetary chapters include two related essays on the effects of exchange rates on economic activity and two essays on aspects of optimum currency area theory. Applied policy papers include two on industrial countries, two on developing countries, and one on problems of transition in the successor states of the former Soviet Union. Also included is an essay by Paul Krugman assessing Kenen's lifetime of scholarly achievements.

"Peter Kenen has enlightened the economics profession with 40 years' worth of contributions to international monetary theory, international trade theory and public policy debates. Benjamin Cohen's International Trade and Finance: New Frontiers for Research is the profession's way of providing a well-deserved and well-crafted thank you. A `must read' volume for all interested in international economics." Ronald W. Jones, University of Rochester

"Peter Kenen has been one of the most prolific and influential international economists of his generation. This festschrift, consisting of splendid essays by many of his students, reminds us that Kenen has also been a great teacher who has produced many of today's best international economists. No other scholar can want more than Kenen has achieved." Jagdish Bhagwati, Columbia University

"These high quality papers are fitting tributes to an innovative and influential economist. I particularly enjoyed Paul Krugman's masterly review of Peter Kenen's contributions to theory and policy." W. Max Corden, Johns Hopkins University