scholarly journals The Past, Present, and Future of the International Monetary System : A Review Essay

1976 ◽  
Vol 1976 (89) ◽  
pp. 1-11
Author(s):  
Edwin M. Truman ◽  
Keyword(s):  
Review Essay ◽  
International Monetary System ◽  
The Past ◽  
Monetary System ◽  
System A

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

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.

scholarly journals Alternative international currencies

2012 ◽  
Vol 57 (194) ◽  
pp. 31-39
Author(s):  
Vladimirovna Rozhentsova
Keyword(s):  
International Monetary System ◽  
International Currency ◽  
The Past ◽  
Monetary System ◽  
International Currencies ◽  
The World ◽  
Circulation Mechanism ◽  
The Creation

The modern international monetary system has a number of flaws and therefore needs cardinal change. Hence, economists from all over the world are suggesting alternative international currencies that would make the international monetary system more efficient. However, it is essential when approaching the creation of a new international currency to analyze and take into account the experience of all the past international currencies. Therefore this paper begins with an exploration of the drawbacks of each of the past and present international currencies. Drawing on this analysis a justification will be made for the necessity of introducing a new international currency, pointing to the requirements it should meet. Further on, this paper proposes an alternative theoretically possible variant of the international currency, with a fixed value relative to a commodity basket. An abstract example is used to demonstrate its composition and circulation mechanism.

The IMF Financial Surveillance Strategy

Policy Papers ◽  
2012 ◽  
Vol 2012 (73) ◽  
Author(s):  
Keyword(s):  
Financial Crisis ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
International Monetary System ◽  
Surveillance Strategy ◽  
The Past ◽  
Monetary System ◽  
Effective Operation ◽  
The Imf

This paper outlines strategic priorities for the IMF’s financial surveillance in the coming years. It complements recent discussions on the work agenda in this area. It takes stock of innovations and gaps in financial surveillance by the Fund during the past decade, including in the wake of the current global financial crisis. It proposes concrete and prioritized steps to further strengthen financial surveillance so that the Fund can fulfill its mandate to ensure the effective operation of the international monetary system and support global economic and financial stability.

scholarly journals Le système monétaire européen à la lumière de l’expérience et de la théorie monétaires

2005 ◽  
Vol 12 (3) ◽  
pp. 465-474 ◽  
Author(s):  
Roger Dehem
Keyword(s):  
Gold Standard ◽  
International Monetary System ◽  
Macroeconomic Policies ◽  
Monetary Policies ◽  
Bretton Woods ◽  
The Past ◽  
Monetary System ◽  
The Sixties ◽  
History Of ◽  
The One

In the light of monetary experience and theory, the EMS appears to be unsustainable. Monetary history of the past sixty years shows that every attempt to stabilise the international monetary System has been frustrated as a consequence of divergent egocentric monetary policies. The breakdown of the rules of the gold standard game in the twenties, as well as the use of money as an instrument in national macroeconomic policies under the Bretton Woods regime have ultimately led to the demise of the fixed exchange rates System. In the sixties, European views on monetary policies were quite divergent, but in the seventies institutional attempts were made to bring them apparently into line. The "snake" arrangements, initiated in 1972, soon degenerated. The more ambitious attempt of 1979, the institutionally more elaborate EMS, suffers from the same basic weakness as all the previous ones. It lacks a common monetary standard, such as the one proposed in the 1975 Ail-Saints Manifesto. Such a standard is a necessary and a sufficient condition for a sustainable common monetary System.

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