The International monetary system : proceedings of a conference organized by the Banca d'Italia

書誌事項

The International monetary system : proceedings of a conference organized by the Banca d'Italia

edited by Peter B. Kenen, Francesco Papadia, and Fabrizio Saccomanni

Cambridge University Press, 1994

  • : hard
  • : pbk

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注記

Papers presented at a conference organized by the Banca d'Italia in July 1992 to honour the memory of Rinaldo Ossola

Includes bibliographical references and index

内容説明・目次

内容説明

In the two decades prior to publication of this 1994 book, international monetary relations had been characterised by latent instability, and then by severe tensions. Yet the issue of reforming the international monetary system does not appear on the agenda of the policy makers 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.

目次

  • Foreword Carlo A. Ciampi
  • Introduction Peter B. Kenen, Francesco Papadia and Fabrizio Saccomanni
  • Part I. Overview of the Issues: Retrospects and Prospects: 1. The international monetary issues of the Bretton Woods era Jacques J. Polak
  • 2. Significant episodes in the evolution of the international monetary system Guido Carli
  • Discussion Robert Z. Aliber and Fred C. Bergsten
  • Part II. International Liquidity: 3. The rise and fall of international liquidity John Williamson
  • Discussion Rainer S. Masera and Robert A. Mundell
  • 4. The role of market and official channels in the supply of international liquidity Andrew Crockett
  • Discussion Robert D. Hormats and Stefano Micossi
  • 5. High world interest rates: shortage of saving or liquidity? William H. Branson
  • Discussion Marcello de Cecco and Alexandre Swoboda
  • Part III. Exchange Rates: 6. Floating exchange rates reconsidered: the influence of new ideas, priorities and problems Peter B. Kenen
  • Discussion Giancarlo Gandolfo and Ronald McKinnon
  • 7. The credibility of adjustable parities: the experience of the European Monetary System Zhaohui Chen and Alberto Giovannini
  • Discussion Luigi Spaventa and Niels Thygesen
  • 8. Concerted interventions and the dollar: an analysis of daily data Pietro Catte, Giampaolo Galli and Salvatore Rebecchini
  • Discussion Giorgio Basevi, Jeffrey A. Frankel and Edwin M. Truman
  • Part IV. The Framework for International Economic Policy: 9. Economic performance under alternative exchange rate regimes: some historical evidence Tamim Bayoumi and Barry Eichengreen
  • 10. Improving economic policy coordination: evaluating some new and some not-so-new proposals Morris Goldstein
  • Discussion Richard N. Cooper, Lamberto Dini, Leonhard Gleske, Toyoo Gyohten and Jacques de Larosiere.

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