The rules of the game : international money and exchange rates
著者
書誌事項
The rules of the game : international money and exchange rates
MIT Press, c1996
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注記
Selected journal articles and essays from books published from the 1960's to the present
Includes bibliographical references and index
内容説明・目次
内容説明
Generalized financial volatility is capitalism's Achilles' heel. And nowhere is the problem of controlling such volatility more acute than in monetary and exchange-rate relationships across countries - the central theme of this book. The Rules of the Game brings together essays, written over the course of thirty years, by a major figure in the field that analyze and compare a wide variety of important international monetary regimes. These range from the establishment of the gold standard in the nineteenth century through Bretton Woods, the dollar standard, floating exchange rates, the European Monetary System, to current proposals for reforming world monetary arrangements. The essays are unique in that they specify precisely the rules of the game for each international monetary regime - past, present, and future. For ease of reference, the book offers boxed summaries of each set of rules and then discusses their advantages and disadvantages from the gold standard down to the author's proposal for a common monetary standard for the twenty-first century. Part I assesses each monetary regime's success in stabilizing prices and exchange rates, while fostering international trade. Part II addresses a central question each country faces: what are the benefits of giving up exchange-rate flexibility to join a common monetary standard? Part III focuses on overall monetary reform for limiting financial volatility and exchange-rate crises in the next century - including whether or not Western Europe should adopt a common currency. The last chapter synthesizes and updates the author's previous writings on rationalizing monetary arrangements among the major industrial countries of North America, Western Europe, and East Asia.
目次
- Part 1 International monetary standards - from gold to the dollar: the rules of the game - international money in historical perspective
- exchange risk and interest rate volatility in historical perspective
- an international gold standard without gold
- private and official international money - the case for the dollar, 1969
- sterilization in three dimensions - major trading countries, eurocurrencies and the United States
- currency substitution and instability in the world dollar standard
- why US monetary policy should be internationalized
- money supply versus exchange-rate targeting - an asymmetry between the United States and other industrial economies. Part II Optimum currency areas and exchange-rate flexibility: optimum currency areas
- optimum world monetary arrangements and the dual-currency system
- floating foreign-exchange rates, 1973-74 - the emperor's new clothes
- the exchange rate and macroeconmoic policy - changing postwar perceptions
- exchange-rate instability, trade imbalances and monetary policy in Japan and the United States
- monetary control and the crawling peg
- two concepts of international currency substitution
- why floating exchange rates fail - a reconsideration of the liquidity trap
- floating exchange rates and the new interbloc protectionism - tariffs versus quotas. Part III International monetary reform: a common monetary standard or a common currency for Europe? - fiscal lessons from the United States
- monetary and exchange-rate policies for international financial stability - a proposal
- the monetary road to postwar prosperity - Marshall-Dodge or Bretton Woods?
- from Plaza-Louvre to a common monetary standard for the 21st century. Appendix: McKinnon's hand reference guide to the rules of the game.
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