- Manuel Guitián
- Published Date:
- June 1992
© 1992 International Monetary Fund
Library of Congress Cataloging-in-Publication Data
Rules and discretion in international economic policy / by Manuel Guitián.
p. cm. — (Occasional paper / International Monetary Fund,
ISSN 0251-6365 ; no. 97)
Includes bibliographical references.
ISBN 1-55775-237-O (paper)
1. International economic relations. I. Title. II. Series. III. Series: Occasional paper (International Monetary Fund) ; no. 97.
337 — dc20 92-12943
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Manuel Guitián is Associate Director of the Monetary and Exchange Affairs Department of the International Monetary Fund. Sections II–V are based on papers prepared from December 1990 to May 1991, when he was a Guest Scholar in the Economics Studies Program of the Brookings Institution. An early draft of Section II was presented as a public lecture on February 27, 1991 at the Woodrow Wilson School of Public and International Affairs at Princeton University and has benefited from comments by Peter B. Kenen and William H. Branson. The main points of Section III were presented on March 28, 1991 in a panel discussion at a Seminar on International Economic Policy also at the Woodrow Wilson School. The final version has benefited from the remarks of the other panelists (Angel Gurría, Peter Kenen, and William Rhodes) and the seminar participants (in particular, Paul Volcker and Toyoo Gyohten). A draft of Section IV was presented on April 14, 1991 to a Seminar on International Economics, International Finance Section, Princeton University, and was subsequently delivered as a lecture to a Finnish-Soviet Banking Seminar in Helsinki on September 24, 1991. Finally, an early draft of Section V was given as a lecture at the School of Advanced International Studies at Johns Hopkins University on March 28, 1990.
The author would like to acknowledge his indebtedness to the Brookings Institution for having provided him not only with an intellectually stimulating environment but also with a most congenial haven for reflection—a quiet corner office at the Institution’s headquarters on Massachusetts Avenue. He is also indebted to Peter Kenen, Paul Volcker, and Toyoo Gyohten of Princeton University and David Calleo of Johns Hopkins University for having provided challenging testing grounds for the ideas contained in this paper. The author wishes in addition to express his gratitude to Ann Greasley and Constance Strayer for their assistance in preparing the manuscript and to Rozlyn Coleman of the External Relations Department for editing it for publication. The opinions presented in this paper are those of the author alone and do not necessarily reflect the views of the International Monetary Fund.