Front Matter

Front Matter

Mark Taylor, Peter Isard, Morris Goldstein, and Paul Masson
Published Date:
June 1992
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    © 1992 International Monetary Fund

    Library of Congress Cataloging-in-Publication Data

    Policy issues in the evolving international monetary system / Morris

    • Goldstein … [et al.].

      • p. cm.—(Occasional paper / International Monetary Fund,

    • ISSN 0251–6365 ; no. 96)

      • Includes bibliographical references.

      • ISBN 1–55775–234–6

      • 1. International finance. 2. Monetary policy. 3. Fiscal policy. 4. Monetary unions. I. Goldstein, Morris. II. Series: Occasional paper (International Monetary Fund); no. 96.

    HG3881.P65 1992

    332’.042—dc20 92-17080


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    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • – between years or months (e.g., 1991–92 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


    This study, which was prepared in the Research Department of the International Monetary Fund, addresses a number of major policy issues in the evolving international monetary system. Part I focuses on mechanisms for promoting global monetary stability, with particular emphasis on ways to strengthen policies and coordination among large countries that have demonstrated the ability to provide nominal anchors for the world economy. Part II focuses on issues in the operation of monetary unions and common currency areas among groups of countries, including some issues that relate specifically to proposals for extending the European Monetary System in the direction of economic and monetary union.

    Because this study was prepared during the first half of 1991, it does not take account of the agreement reached at Maastricht by countries of the European Community in December 1991. That agreement sets out a timetable for proceeding to monetary union by January 1, 1999, as well as criteria for determining which countries will do so. Nevertheless, some of the considerations raised in Part II of the study provide background for understanding the implications of economic and monetary union in Europe.

    The authors of Part I are Morris Goldstein, Deputy Director of the Research Department, and Peter Isard, Advisor. Part II was written by Paul R. Masson, Chief of the Economic Modeling and External Adjustment Division, and Mark P. Taylor, Senior Economist in that division. Numerous colleagues provided comments and advice. The paper was edited by Elin Knotter of the External Relations Department. The authors alone are responsible for the study; the opinions expressed are theirs and do not necessarily reflect the views of the IMF.

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