RECENT DEVELOPMENTS IN THE INTERNATIONAL MONETARY SYSTEM AND THEIR IMPLICATIONS FOR INTERNATIONAL ECONOMIC RELATIONS

The growth dynamics of international exchange and capital flows is conditioned by the efficiency of the international monetary system whose basic task is to provide for international liquidity and smooth international payments. The tendencies in international economic relations in the time of globalisation have determined further directions for the development of the international monetary system. The breakup of the Bretton-Woods System initiated the establishment of a new European monetary system with the aim to stabilise the exchange rates and improve further process of integration and international economic relations. In this research paper we have pointed out to the fact that economic interdependence of souvereign countries leads to coordination of macroeconomic policies, and that it can motivate monetary integration within the monetary policy. The objective of this research paper is to emphasize the stability of the international monetary system as a prerequisite for sustainable growth of national economies and monetary union. The contemporary international monetary system is characterised by the trend of reduced number of national currencies, as this is a logical conseqence of increasing European integrations, but also beacuase of significant economic advanatages. Simultaneously, the costs of the euro changeover and introduction of a common currency are lower if economic performances of member countries mutualy converge.

Download Full-text

Legal Problems of International Economic Relations. Cases, Materials and Text. By John H. Jackson. St. Paul: West Publishing Co., 1977. Pp. 1097. Index. Documents Supplement, 436 pages. - International Economic Law, 6 vols. (International Private Trade, International Private Investment, Trade Controls for Political Ends, The International Monetary System, Tax Aspects of International Transactions, and Public Controls of International Trade, approximately 3400 pages). By Andreas F. Lowenfeld. New York: Matthew Bender.

The American Journal of International Law ◽

10.2307/2200759 ◽

1979 ◽

Vol 73 (4) ◽

pp. 714-718

Author(s):

Stanley D. Metzger

Keyword(s):

International Economic ◽

New York ◽

International Monetary System ◽

Private Investment ◽

Economic Relations ◽

Monetary System ◽

Legal Problems ◽

International Economic Law ◽

International Economic Relations ◽

International Transactions

Download Full-text

Wilfred Ethier. Modern International Economics. New York: W. W. Norton and Company. 1983. xviii + 588 pp.

The Pakistan Development Review ◽

10.30541/v27i1pp.81-83 ◽

1988 ◽

Vol 27 (1) ◽

pp. 81-83

Author(s):

Nadeem A. Burney

Keyword(s):

International Economic ◽

New York ◽

Economic Theory ◽

International Economics ◽

International Monetary System ◽

International Markets ◽

The Past ◽

Monetary System ◽

Recent Developments

Its been long recognized that various economies of the world are interlinked through international trade. The experience of the past several years, however, has demonstrated that this economic interdependence is far greater than was previously realized. In this context, the importance of international economic theory as an area distinct from general economics hardly needs any mentioning. What gives international economic theory this distinction is international markets for some goods and effects of national sovereignty on the character of economic activity. Wilfred Ethier's book, which incorporates recent developments in the field, is an excellent addition to textbooks on international economics for one- or twosemester undergraduate courses. The book mostly covers standard topics. A distinguishing feature of this book is its detailed analysis of the flexible exchange rates and a discussion of the various approaches used for their determination. Within each chapter, the author has extensively used facts, figures and major events to clarify the concepts in the light of the theoretical framework. The book also discusses, in a fair amount of detail, the existing international monetary system and the role of various international organizations.

Download Full-text

The international economy as a constraint on U. S. macroeconomic policymaking

International Organization ◽

10.1017/s0020818300033993 ◽

1988 ◽

Vol 42 (4) ◽

pp. 605-637 ◽

Cited By ~ 2

Author(s):

M. Stephen Weatherford

Keyword(s):

International Economic ◽

International Monetary System ◽

Policy Coordination ◽

Policy Choice ◽

Economic Policies ◽

Strategic Uncertainty ◽

Economic Relations ◽

Policy Choices ◽

Monetary System ◽

Trade And Exchange

International economic factors increasingly influence American trade and exchange policy, and interdependence also circumscribes the autonomous choice of domestic policies. But the growing concern of Organization for Economic Cooperation and Development (OECD) policymakers over the potential for macroeconomic policy coordination to enhance national as well as world welfare implies that international economic relations present opportunities rather than constraints under some circumstances. This suggests that understanding domestic economic policy choice within its international context involves not only how policy choices are made within the bounds of international constraints, but also when countries might cooperate to modify the constraints themselves. This research looks to four important historical cases for information on these questions: the first three are the series of cumulating crises in the international monetary system during the 1960s and early 1970s, the fourth is the energy supply shock of 1973 and the recession that followed. The article describes the process of policy selection in each of these cases, contrasting domestic versus international premises for policy choice. The economics literature has emphasized the magnitude of domestic welfare gains available from coordinated national economic policies. Although the cases considered here do not contradict the importance of payoffs, they underline the corresponding role of political, economic, and strategic uncertainty in conditioning elites' policy choices.

Download Full-text

Crisis Diplomacy, Interdependence, And The Politics of International Economic Relations

World Politics ◽

10.2307/2010561 ◽

1972 ◽

Vol 24 (S1) ◽

pp. 123-150 ◽

Cited By ~ 4

Author(s):

Edward L. Morse

Keyword(s):

Trade Liberalization ◽

International Monetary System ◽

Basic Structure ◽

The Political ◽

Trade Policies ◽

Policy Makers ◽

Economic Relations ◽

The Past ◽

Monetary System ◽

International Economic Relations

During the past decade policy makers and academic observers have become increasingly aware of the political importance of economic relations, especially among the advanced industrialized states. Some of this awareness came precipitously when monetary crises threatened not only individual currencies such as sterling, the franc, or the dollar, but also the basic structure of the international monetary system. Some of this awareness was more incremental, as with the growing fear that neomercantilist trade policies might result in a reversal of the postwar policies of trade liberalization pursued by the Western industrialized states.

Download Full-text