The International Monetary System / Edition 1

The International Monetary System / Edition 1

by Peter B. Kenen
     
 

In the last two decades international monetary relations have been characterized by latent instability, and more recently by severe tensions. Yet the issue of reforming the international monetary system does not appear on the agenda of the policymakers of the major countries involved. The International Monetary System tries to analyse this apparent contradiction. It… See more details below

Overview

In the last two decades international monetary relations have been characterized by latent instability, and more recently by severe tensions. Yet the issue of reforming the international monetary system does not appear on the agenda of the policymakers of the major countries involved. The International Monetary System tries to analyse this apparent contradiction. It brings together contributions from some of the most authoritative academic economists and monetary officials, and examines each of the fundamental functions of the international monetary system. There is broad support for improving present monetary arrangements with the aim of ensuring more stable conditions in monetary and financial markets and of promoting the orderly adjustment of payments disequilibria. For political reasons a fully fledged reform exercise is unlikely, but very few experts seem to like the status quo. This book provides the reader with a comprehensive account of the institutional and policy changes required to manage an increasingly integrated and interdependent global monetary and financial system.

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Product Details

ISBN-13:
9780521467292
Publisher:
Cambridge University Press
Publication date:
04/28/2012
Edition description:
New Edition
Pages:
366
Product dimensions:
5.98(w) x 8.98(h) x 0.83(d)

Table of Contents

Conference participants
Foreword
Editors' note
Introduction1
1The international monetary issues of the Bretton Woods era19
2Significant episodes in the evolution of the international monetary system35
3The rise and fall of the concept of international liquidity53
4The role of market and official channels in the supply of international liquidity82
5High world interest rates: shortage of saving or liquidity?107
6Floating exchange rates reconsidered: the influence of new ideas, priorities, and problems139
7The credibility of adjustable parities: the experience of the European Monetary System170
8Concerted interventions and the dollar: an analysis of daily data201
9Economic performance under alternative exchange rate regimes: some historical evidence257
10Improving economic policy coordination: evaluating some new and some not-so-new proposals298

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