| Description |
1 online resource (xi, 250 pages) |
| Contents |
A Qualitative Framework -- Economists' Initial Reactions to the Demise of the Bretton Woods System -- Controversy Over Choice of Exchange Rate Regime -- Choice of Capital Account Regime: When to Liberalize? -- International Financial Crises: Ideas and Policies -- The IMF: Post-Bretton Woods Era Functions and Reform Issues -- Currency Consolidation and Currency Unions -- Epilogue |
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Machine generated contents note: 1. A Qualitative Framework -- The political economy of international monetary organization -- International financial integration: Meaning and implications -- Trajectories of thought on international financial integration -- Key dimensions of thought trajectories on international financial problems: Stylized examples -- 2. Economists' Initial Reactions to the Demise of the Bretton Woods System -- Introduction -- The case for a new synthetic international money -- Alternatives to an IFO based on synthetic international money -- Choosing an IFO post-1971: Broad criteria -- 3. Controversy Over Choice of Exchange Rate Regime -- A tripolar choice problem -- An idealized market-determined system for exchange rates -- Hayek's perspective on currency internationalization and exchange rate regimes -- Early arguments against intermediate regimes -- Limiting variability: Cases for intermediate regimes -- Ronald McKinnon's grand currency reform scheme -- Conclusion |
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7. Currency Consolidation and Currency Unions -- Introduction -- Robert Mundell's ideas on common money in the post-BW era -- The theoretical optimum: Proposals for a world currency -- The sceptics on currency and monetary unification -- Economic integration following monetary unification and the currency consolidation process -- Currency consolidation as (ultimately) a market-driven process -- Conclusion -- 8. Epilogue -- Historical structures in the IFS: The limits of reasoning by historical analogy -- Intellectual structures: Why the contest of ideas on the IFS matters -- Some typical thought trajectories on the IFS in the post-BW era -- Postscript: The IFS and the significance of economists' ideas |
| Summary |
In the post-Bretton Woods era from 1971-2000 economists were engaged in a vigorous contest over major aspects of international integration: how to design an optimal currency exchange rate policy; the costs and benefits of international capital flows and policies to change their composition; the causes of financial crises and policies to overcome them; the place of the IMF in the rapidly globalizing international financial system; the ongoing process of currency consolidation and the costs and benefits of monetary union. This book responds to these issues by reviewing the various ideas and policies on the key dimensions of international financial integration and reform. It emphasizes the competing ideas among leading economists, including nine Nobel Laureates in economic science. By taking a comparative schools of thought approach, the book identifies central tenets of the main traditions of thought on the subject. It underpins lessons that are still at the forefront of modern debate on reform of the international financial architecture. This book is essential reading for all interested in international economics, international finance, economic history, international relations and modern economic thought |
| Bibliography |
Includes bibliographical references and index |
| Notes |
Print version record |
| Subject |
International finance -- History -- 20th century
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Economic integration -- History -- 20th century
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Monetary policy -- History -- 20th century
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Economic history.
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International finance.
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International relations.
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BUSINESS & ECONOMICS -- Finance.
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BUSINESS & ECONOMICS -- International -- Economics.
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POLITICAL SCIENCE -- Public Policy -- Economic Policy.
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POLITICAL SCIENCE -- International Relations -- General.
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Economics.
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International finance
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Monetary policy
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| Genre/Form |
History
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| Form |
Electronic book
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| ISBN |
9780230294646 |
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0230294642 |
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1349312657 |
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9781349312658 |
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