Chapter 2 The International Monetary System and International Liquidity
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International Monetary Fund
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Abstract

IN recent years, there has been increasing discussion in official, financial, and academic circles of the present international monetary system. This system comprises a spectrum of customary institutional and legal arrangements which govern the conduct of international economic transactions, the methods of financing deficits and surpluses in international payments, and the manner in which countries are expected to respond to such deficits and surpluses.

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