This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation targeting, the interest rate is the main monetary policy tool for influencing activity and inflation, and there is little agreement about the appropriate role of the exchange rate. The exchange rate is a more important monetary policy tool for emerging economies that have adopted inflation targeting than it is for inflation-targeting advanced economies. Inflation-targeting emerging economies generally have less flexible exchange rate arrangements and intervene more frequently in the foreign exchange market than their advanced economy counterparts. The enhanced role of the exchange rate reflects these economies' greater vulnerability to exchange rate shocks and their less developed financial markets. However, their sharper focus on the exchange rate may cause some confusion about the commitment of their central banks to achieve the inflation target and may also complicate policy implementation. Global inflation pressures, greater exchange rate volatility, and the financial stresses from the global financial turmoil that began in mid-2007 are heightening these tensions.

What separates the chaos of fighting from the coherent ritual of boxing? According to author David Scott, it is a collection of aesthetic constructions, including the shape of the ring, the predictable rhythm of timed rounds, the uniformity of the boxers' glamorous attire, and the stylization of the combatants' posture and punches. In "The Art and Aesthetics of Boxing," Scott explores the ways in which these and other aesthetic elements of the sport have evolved over time. Scott comprehensively addresses the rich dialogue between boxing and the arts, suggesting that boxing not only possesses intrinsic aesthetic qualities but also has inspired painters, graphic designers, surrealist poets, and modern writers to identify, expand, and respond to the aesthetic properties of the sport. Divided into three parts, the book moves from a consideration of the evolution and intrinsic aesthetics of boxing to the responses to the sport by cubist and futurist painters and sculptors, installation artists, poster designers, photographers, and, finally, surrealist poets and modernist writers. With distinctive illustrations and photographs in nine short chapters, Scott creates a visual as well as a textual narrative that supplements and concretely demonstrates the deep, dynamic relationship between the art of boxing and the world of art and literature.