scholarly journals EVOLUTION AND CONTEMPORARY TRENDS OF THE INTERNATIONAL MONETARY SYSTEM

2018 ◽  
Vol 1 (16) ◽  
pp. 23
Author(s):  
Branka Topić-Pavković
Keyword(s):  
International Economic ◽  
International Monetary System ◽  
Research Paper ◽  
Sustainable Growth ◽  
Monetary Integration ◽  
International Exchange ◽  
International Liquidity ◽  
Economic Relations ◽  
Monetary System ◽  
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.

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

1988 ◽  
Vol 42 (4) ◽  
pp. 605-637 ◽  
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.

Trading sovereignty for stability? The political economy of monetary integration

2010 ◽  
Vol 37 (2) ◽  
pp. 673-690
Author(s):  
JESSE RUSSELL
Keyword(s):  
International Economic ◽  
Political Economy ◽  
Domestic Politics ◽  
International System ◽  
Monetary Integration ◽  
The Political ◽  
Economic Relations ◽  
Monetary Regime ◽  
International Economic Relations ◽  
Monetary Relations

AbstractHow do states attempt to mitigate the pressures of financial globalisation? This article suggests that options can be understood in terms ofmonetary regimechoice. These are best understood with their international component included – whether states integrate unilaterally, integrate multilaterally, or go it alone monetarily. But to understand the international side of monetary relations, one must look to domestic political structures, histories and politics. It is important that to understand that within the pressures of the international system, domestic politics is afons et origodetermining the health and stability of international economic relations.

scholarly journals Cost-effectiveness analysis of the international exchange of goods and services

2021 ◽  
Keyword(s):  
International Economic ◽  
Cost Effectiveness ◽  
International Organizations ◽  
Cost Effectiveness Analysis ◽  
International Exchange ◽  
Economic Relations ◽  
Goods And Services ◽  
Effectiveness Analysis ◽  
International Economic Relations ◽  
Economic Interaction

Presents patterns of economic interaction between countries in the international exchange of goods and services, factors of production and financial and credit flows. An analysis of international economic relations and Russia's relations with international organizations is considered.

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

1972 ◽  
Vol 24 (S1) ◽  
pp. 123-150 ◽  
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.

Robert Triffin

2021 ◽  
Author(s):  
Ivo Maes ◽  
Ilaria Pasotti
Keyword(s):  
Vietnam War ◽  
International Monetary System ◽  
Monetary Integration ◽  
Monetary Reform ◽  
International Liquidity ◽  
Bretton Woods ◽  
The Great Depression ◽  
Monetary System ◽  
Triffin Dilemma ◽  
European Currency Unit

This book provides an intellectual biography of Robert Triffin. Triffin (1911–1993) played a key role in the international monetary debates in the postwar period. He became famous with trenchant analyses of the vulnerabilities of the international monetary system that was dependent on a national currency for its international liquidity (the Triffin dilemma), predicting the end of the Bretton Woods system. Triffin was a child of the interwar period, marked by the Great Depression and the rise of fascism. He became not only an eminent academic but also an influential policy adviser. In the mid-1940s he worked at the Federal Reserve, participating in several monetary reform missions in Latin America. Thereafter, Triffin played an important role in the creation of the European Payments Union. In his later academic life, Triffin put forward proposals for reforming the international monetary system. But because he doubted that they would come to fruition, he also developed plans for regional monetary integration, particularly in Europe, where he became the monetary adviser of Jean Monnet. With proposals for a European Reserve Fund and a European currency unit, he became one of the intellectual fathers of Europe’s monetary union. Throughout his life Triffin remained faithful to the ideals of his youth. The young Triffin was indignant about the Versailles Treaty, while the old Triffin fulminated against the Vietnam War. For him, economics was a way to contribute to a better world. He was strongly attached to his independence and the pursuit of a better and more peaceful world. He was a monk in economist’s clothing.

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