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  • 1 0000000404811396https://isni.org/isni/0000000404811396International Monetary Fund

Abstract

This study addresses major policy issues associated with the future of the international monetary system. It focuses on whether there is a need for fundamental reform of this system, defined as systematic and sustained effort on the part of the three major industrial countries (United States, Japan, and Germany) to maintain their exchange rates within agreed ranges. It then discusses less rar-reaching reforms that could strengthen and improve the system.

References

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    • Search Google Scholar
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  • Frenkel, Jacob A., and Morris Goldstein, Macroeconomic Policy Implications of Currency Zones,” in Policy Implications of Trade and Currency Zones (Kansas City: Federal Reserve Bank of Kansas City, 1991).

    • Search Google Scholar
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  • Frenkel, Jacob A., and Morris Goldstein, and Paul Masson, Characteristics of a Successful Exchange Rate System, IMF Occasional Paper No. 82 (Washington: International Monetary Fund, July 1991).

    • Search Google Scholar
    • Export Citation
  • Funabashi, Yoichi, Managing the Dollar: From the Plaza to the Louvre (Washington: Institute for International Economics, 1988).

  • Gagnon, Joseph E., Exchange Rate Variability and the Level of International Trade,” Journal of International Economics, Vol. 34 (May 1993), pp. 26987.

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    • Search Google Scholar
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    • Search Google Scholar
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  • Goldstein, Morris, David Folkerts-Landau, and others, (1993a), International Capital Markets: Part I. Exchange Rate Management and International Capital Flows, World Economic and Financial Surveys (Washington: International Monetary Fund, April 1993).

    • Search Google Scholar
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Recent Occasional Papers of the International Monetary Fund

116. Improving the International Monetary System: Constraints and Possibilities, by Michael Mussa, Morris Goldstein, Peter B. Clark, Donald J. Mathieson, and Tamim Bayoumi. 1994.

115. Exchange Rates and Economic Fundamentals: A Framework for Analysis, by Peter B. Clark, Leonardo Bartolini, Tamim Bayoumi, and Steven Symansky. 1994.

114. Economic Reform in China: A New Phase, by Wanda Tseng, Hoe Ee Khor, Kalpana Kochhar, Dubravko Mihaljek, and David Burton. 1994.

113. Poland: The Path to a Market Economy, by Liam P. Ebrill, Ajai Chopra, Charalambos Christofides, Paul Mylonas, Inci Otker, and Gerd Schwartz. 1994.

112. The Behavior of Non-Oil Commodity Prices, by Eduardo Borensztein, Mohsin S. Khan, Carmen M. Reinhart, and Peter Wickham. 1994.

111. The Russian Federation in Transition: External Developments, by Benedicte Vibe Christensen. 1994.

110. Limiting Central Bank Credit to the Government: Theory and Practice, by Carlo Cottarelli. 1993.

109. The Path to Convertibility and Growth: The Tunisian Experience, by Saleh M. Nsouli, Sena Eken, Paul Duran, Gerwin Bell, and Zuhtu Ylicelik. 1993.

108. Recent Experiences with Surges in Capital Inflows, by Susan Schadler, Maria Carkovic, Adam Bennett, and Robert Kahn. 1993.

107. China at the Threshold of a Market Economy, by Michael W. Bell, Hoe Ee Khor, and Kalpana Kochhar with Jun Ma, Simon N’guiamba, and Rajiv Lall. 1993.

106. Economic Adjustment in Low-Income Countries: Experience Under the Enhanced Structural Adjustment Facility, by Susan Schadler, Franek Rozwadowski, Siddharth Tiwari, and David O. Robinson. 1993.

105. The Structure and Operation of the World Gold Market, by Gary O’Callaghan. 1993.

104. Price Liberalization in Russia: Behavior of Prices, Household Incomes, and Consumption During the First Year, by Vincent Koen and Steven Phillips. 1993.

103. Liberalization of the Capital Account: Experiences and Issues, by Donald J. Mathieson and Liliana Rojas-Suarez. 1993.

102. Financial Sector Reforms and Exchange Arrangements in Eastern Europe. Part I: Financial Markets and Intermediation, by Guillermo A. Calvo and Manmohan S. Kumar. Part II: Exchange Arrangements of Previously Centrally Planned Economies, by Eduardo Borensztein and Paul R. Masson. 1993.

101. Spain: Converging with the European Community, by Michel Galy, Gonzalo Pastor, and Thierry Pujol. 1993.

100. The Gambia: Economic Adjustment in a Small Open Economy, by Michael T. Hadjimichael, Thomas Rumbaugh, and Eric Verreydt. 1992.

99. Mexico: The Strategy to Achieve Sustained Economic Growth, edited by Claudio Loser and Eliot Kalter. 1992.

98. Albania: From Isolation Toward Reform, by Mario I. Blejer, Mauro Mecagni, Ratna Sahay, Richard Hides, Barry Johnston, Piroska Nagy, and Roy Pepper. 1992.

97. Rules and Discretion in International Economic Policy, by Manuel Guitian. 1992.

96. Policy Issues in the Evolving International Monetary System, by Morris Goldstein, Peter Isard, Paul R. Masson, and Mark P. Taylor. 1992.

95. The Fiscal Dimensions of Adjustment in Low-Income Countries, by Karim Nashashibi, Sanjeev Gupta, Claire Liuksila, Henri Lorie, and Walter Mahler. 1992.

94. Tax Harmonization in the European Community: Policy Issues and Analysis, edited by George Kopits. 1992.

93. Regional Trade Arrangements, by Augusto de la Torre and Margaret R. Kelly. 1992.

92. Stabilization and Structural Reform in the Czech and Slovak Federal Republic: First Stage, by Bijan B. Aghevli, Eduardo Borensztein, and Tessa van der Willigen. 1992.

91. Economic Policies for a New South Africa, edited by Desmond Lachman and Kenneth Bercuson with a staff team comprising Daudi Ballali, Robert Corker, Charalambos Christofides, and James Wein. 1992.

90. The Internationalization of Currencies: An Appraisal of the Japanese Yen, by George S. Tavlas and Yuzuru Ozeki. 1992.

89. The Romanian Economic Reform Program, by Dimitri G. Demekas and Mohsin S. Khan. 1991.

88. Value-Added Tax: Administrative and Policy Issues, edited by Alan A. Tait. 1991.

87. Financial Assistance from Arab Countries and Arab Regional Institutions, by Pierre van den Boogaerde. 1991.

86. Ghana: Adjustment and Growth, 1983–91, by Ishan Kapur, Michael T. Hadjimichael, Paul Hilbers, Jerald Schiff, and Philippe Szymczak. 1991.

85. Thailand: Adjusting to Success—Current Policy Issues, by David Robinson, Yangho Byeon, and Ranjit Teja with Wanda Tseng. 1991.

84. Financial Liberalization, Money Demand, and Monetary Policy in Asian Countries, by Wanda Tseng and Robert Corker. 1991.

83. Economic Reform in Hungary Since 1968, by Anthony R. Boote and Janos Somogyi. 1991.

82. Characteristics of a Successful Exchange Rate System, by Jacob A. Frenkel, Morris Goldstein, and Paul R. Masson. 1991.

81. Currency Convertibility and the Transformation of Centrally Planned Economies, by Joshua E. Greene and Peter Isard. 1991.

80. Domestic Public Debt of Externally Indebted Countries, by Pablo E. Guidotti and Manmohan S. Kumar. 1991,

79. The Mongolian People’s Republic: Toward a Market Economy, by Elizabeth Milne, John Leimone, Franek Rozwadowski, and Padej Sukachevin. 1991.

78. Exchange Rate Policy in Developing Countries: Some Analytical Issues, by Bijan B. Aghevli, Mohsin S. Khan, and Peter J. Montiel. 1991.

77. Determinants and Systemic Consequences of International Capital Flows, by Morris Goldstein, Donald J. Mathieson, David Folkerts-Landau, Timothy Lane, J. Saul Lizondo, and Liliana Rojas-Suarez. 1991.

76. China: Economic Reform and Macroeconomic Management, by Mario Blejer, David Burton, Steven Dunaway, and Gyorgy Szapary. 1991.

75. German Unification: Economic Issues, edited by Leslie Lipschitz and Donogh McDonald. 1990.

74. The Impact of the European Community’s Internal Market on the EFTA, by Richard K. Abrams, Peter K. Cornelius, Per L. Hedfors, and Gunnar Tersman. 1990.

73. The European Monetary System: Developments and Perspectives, by Horst Ungerer, Jouko J. Hauvonen, Augusto Lopez-Claros, and Thomas Mayer. 1990.

72. The Czech and Slovak Federal Republic: An Economy in Transition, by Jim Prust and an IMF Staff Team. 1990.

71. MULTIMOD Mark II: A Revised and Extended Model, by Paul Masson, Steven Symansky, and Guy Meredith. 1990.

70. The Conduct of Monetary Policy in the Major Industrial Countries: Instruments and Operating Procedures, by Dallas S. Batten, Michael P. Blackwell, In-Su Kim, Simon E. Nocera, and Yuzuru Ozeki. 1990.

69. International Comparisons of Government Expenditure Revisited: The Developing Countries, 1975–86, by Peter S. Heller and Jack Diamond. 1990.

68. Debt Reduction and Economic Activity, by Michael P. Dooley, David Folkerts-Landau, Richard D. Haas, Steven A. Symansky, and Ralph W. Tryon. 1990.

Note: For information on the title and availability of Occasional Papers not listed, please consult the IMF Publications Catalog or contact IMF Publication Services.

  • Adams, Charles, Paul R. Fenton, and Flemming Larsen, Potential Output in Major Industrial Countries,” in Staff Studies for the World Economic Outlook, World Economic and Financial Surveys (Washington: International Monetary Fund, August 1987).

    • Search Google Scholar
    • Export Citation
  • Aghevli, Bijan B., Mohsin S. Khan, and Peter J. Montiel, Exchange Rate Policy in Developing Countries: Some Analytical Issues, IMF Occasional Paper No. 78 (Washington: International Monetary Fund, March 1991).

    • Search Google Scholar
    • Export Citation
  • Aizenman, Joshua, Exchange Rate Flexibility, Volatility, and Domestic and Foreign Direct Investment,” Staff Papers, International Monetary Fund, Vol. 39 (December 1992), pp. 890922.

    • Search Google Scholar
    • Export Citation
  • Alesina, A., V. Grilli, and G.M. Milesi-Ferreti, The Political Economy of Capital Controls,” in Capital Mobility: The Impact on Consumption, Investment, and Growth, ed. by L. Leiderman and A. Razin (Cambridge, England: Cambridge University Press, 1994).

    • Search Google Scholar
    • Export Citation
  • Barrell, Ray, and Simon Wren-Lewis, Fundamental Equilibrium Exchange Rates for the G7,” CEPR Discussion Paper No. 323 (London: Center for Economic Policy Research, June 1989).

    • Search Google Scholar
    • Export Citation
  • Bayoumi, Tamim, One Money or Many: On Analyzing the Prospects for Monetary Unification in Various Parts of the World, Essays in International Finance, No. 76, Princeton University (Princeton, New Jersey: Princeton University Press, 1994).

    • Search Google Scholar
    • Export Citation
  • Bayoumi, Tamim, and Barry Eichengreen, Macroeconomic Adjustment Under Bretton Woods and the Post-Bretton Woods Float: An Impulse Response Analysis,” Economic Journal, Vol. 104 (July 1994), pp. 81327.

    • Search Google Scholar
    • Export Citation
  • Bordo, Michael D., The Bretton Woods International Monetary System: An Historical Overview,” in A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, ed. by Michael D. Bordo and Barry Eichengreen (Chicago and London: University of Chicago Press, 1993).

    • Search Google Scholar
    • Export Citation
  • Bordo, Michael D., and Barry Eichengreen, eds., A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform (Chicago and London: University of Chicago Press, 1993).

    • Search Google Scholar
    • Export Citation
  • Bruno, Michael, Crisis, Stabilization and Economic Reform (Oxford: Clarendon Press, 1993).

  • Bryant, Ralph C., and others, eds., Macroeconomic Policies in an Interdependent World (Washington: Brookings Institution, 1989).

  • Bryant, Ralph C., Peter Hooper, and Catherine L. Mann, eds., Evaluating Policy Regimes: New Research in Empirical Macroeconomics (Washington: Brookings Institution, 1993).

    • Search Google Scholar
    • Export Citation
  • Calvo, Guillermo A., and Carlos Végh, Inflation Stabilization and Nominal Anchors,” Contemporary Economic Policy, Vol. 12 (April 1994), pp. 3545.

    • Search Google Scholar
    • Export Citation
  • Canzoneri, Matthew B. Exchange Intervention Policy in a Multiple Country World,” Journal of International Economics, Vol. 13 (November 1982), pp. 26789.

    • Search Google Scholar
    • Export Citation
  • Clark, Peter, and others, Exchange Rates and Economic Fundamentals: A Framework for Analysis, IMF Occasional Paper No. 116 (Washington: International Monetary Fund, December 1994).

    • Search Google Scholar
    • Export Citation
  • Coats, Warren L., Reinhard W. Furstenberg, and Peter Isard, The SDR System and the Issue of Resource Transfers, Essays in International Finance, No. 180, Princeton University (Princeton, New Jersey: Princeton University Press, 1990).

    • Search Google Scholar
    • Export Citation
  • Commission of the European Communities, “One Market, One Money: An Evaluation of the Potential Benefits and Costs of Forming an Economic and Monetary Union,” European Economy, No. 44 (Brussels: Commission of the European Communities, October 1990).

    • Search Google Scholar
    • Export Citation
  • Crockett, Andrew, and Morris Goldstein, Strengthening the International Monetary System: Exchange Rates, Surveillance, and Objective Indicators IMF Occasional Paper No. 50 (Washington: International Monetary Fund, February 1987).

    • Search Google Scholar
    • Export Citation
  • Dominguez, Kathryn M., and Jeffrey A. Frankel, Does Foreign Exchange Rate Intervention Work? (Washington: Institute for International Economics, September 1993).

    • Search Google Scholar
    • Export Citation
  • Eichengreen, Barry, Real Exchange Rate Behavior Under Alternative Exchange Rate Regimes: Interwar Evidence,” European Economic Review, Vol. 32 (March 1988), pp. 36371.

    • Search Google Scholar
    • Export Citation
  • Eichengreen, Barry, Epilogue: Three Perspectives on the Bretton Woods System,” in A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, ed. by Michael D. Bordo and Barry Eichengreen (Chicago and London: University of Chicago Press, 1993).

    • Search Google Scholar
    • Export Citation
  • El-Erian, Mohammed, The Regulation and Supervision of Cross-Border Banking,” (unpublished; Washington: International Monetary Fund, 1992).

    • Search Google Scholar
    • Export Citation
  • Feldstein, Martin, Thinking about International Coordination,” Journal of Economic Perspectives, Vol. 2 (Spring 1988), pp. 313.

  • Fishlow, Albert, Lessons from the Past: Capital Markets During the 19th Century and Interwar Period,” Industrial Organization, Vol. 39 (Summer 1985), pp. 383439.

    • Search Google Scholar
    • Export Citation
  • Flood, Robert P. and Nancy Marion, Transmission of Disturbances under Alternative Exchange-Rate Regimes with Optimal Indexation,” Quarterly Journal of Economics, No. 97 (February 1982), pp. 4368.

    • Search Google Scholar
    • Export Citation
  • Frankel, Jeffrey A., and Shang-Jin Wei, Trade Blocs and Currency Blocs,” NBER Working Paper No. 4335 (Cambridge, Massachusetts: National Bureau of Economic Research, April 1993).

    • Search Google Scholar
    • Export Citation
  • Frenkel, Jacob A., and Morris Goldstein, Guide to Target Zones,” Staff Papers, International Monetary Fund, Vol. 33 (December 1986), pp. 63373.

    • Search Google Scholar
    • Export Citation
  • Frenkel, Jacob A., and Morris Goldstein, Macroeconomic Policy Implications of Currency Zones,” in Policy Implications of Trade and Currency Zones (Kansas City: Federal Reserve Bank of Kansas City, 1991).

    • Search Google Scholar
    • Export Citation
  • Frenkel, Jacob A., and Morris Goldstein, and Paul Masson, Characteristics of a Successful Exchange Rate System, IMF Occasional Paper No. 82 (Washington: International Monetary Fund, July 1991).

    • Search Google Scholar
    • Export Citation
  • Funabashi, Yoichi, Managing the Dollar: From the Plaza to the Louvre (Washington: Institute for International Economics, 1988).

  • Gagnon, Joseph E., Exchange Rate Variability and the Level of International Trade,” Journal of International Economics, Vol. 34 (May 1993), pp. 26987.

    • Search Google Scholar
    • Export Citation
  • Garber, Peter, The Collapse of the Bretton Woods Fixed Exchange Rate System,” in A Retrospective on the Bretton Woods System, ed. by Michael D. Bordo and Barry Eichengreen (Chicago and London: University of Chicago Press, 1993).

    • Search Google Scholar
    • Export Citation
  • Goldberg, Linda, Exchange Rates and Investment in United States Industry,” Review of Economics and Statistics, Vol. 75 (November 1993), pp. 57588.

    • Search Google Scholar
    • Export Citation
  • Goldstein, Morris, and others, Policy Issues in the Evolving International Monetary System, IMF Occasional Paper No. 96 (Washington: International Monetary Fund, June 1992).

    • Search Google Scholar
    • Export Citation
  • Goldstein, Morris, David Folkerts-Landau, and others, (1993a), International Capital Markets: Part I. Exchange Rate Management and International Capital Flows, World Economic and Financial Surveys (Washington: International Monetary Fund, April 1993).

    • Search Google Scholar
    • Export Citation
  • Goldstein, Morris, David Folkerts-Landau, and others, (1993b), International Capital Markets: Part II. Systemic Issues in International Finance, World Economic and Financial Surveys (Washington: International Monetary Fund, August 1993).

    • Search Google Scholar
    • Export Citation
  • Goldstein, Morris, and Michael Mussa, The Integration of World Capital Markets,” IMF Working Paper, WP/93/95 (Washington: International Monetary Fund, December 1993).

    • Search Google Scholar
    • Export Citation
  • Goldstein, Morris, David Folkerts-Landau, and others, International Capital Markets: Developments, Prospects, and Policy Issues, World Economic and Financial Surveys (Washington: International Monetary Fund, September 1994).

    • Search Google Scholar
    • Export Citation
  • Group of Ten Deputies, International Capital Movements and Foreign Exchange Markets: Report to the Ministers and Governors by the Group of Ten Deputies (Rome: Bank of Italy, April 1993).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, (1984a), Exchange Rate Volatility and the Level of International Trade, IMF Occasional Paper No. 28 (Washington: International Monetary Fund, July 1984).

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