Economic Policy

International Financial Integration: Competing Ideas and by A. Endres

By A. Endres

Drawing on sought after contributions through economists to the controversy on foreign financial reform, this book presents an old point of view at the plans, schemes and ideas at the overseas economic system.

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International Financial Integration: Competing Ideas and Policies in the Post-Bretton Woods Era

Drawing on admired contributions through economists to the controversy on overseas financial reform, this book presents an old point of view at the plans, schemes and ideas at the overseas economic climate.

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132–4). So much, then, for the views of Harry Johnson which had long pedigree in the Chicagoan tradition. The following table illustrates several possible IFOs discussed in the years immediately pursuant to the collapse of BW in 1971. 66). All were alternatives to an IFO based on new, synthetic international money. In interpreting this table, consider the classical gold standard: it may be described as ‘I. A. 1’ that is, a combination of fixed exchange rates, with gold used internationally as the reserve asset for settling international transactions, and fully mobile international capital flows.

Indeed, by 1972, the international monetary importance of the dollar had altogether eclipsed gold. Gold reserves would be unaffected even though gold had lost its monetary function in 1971. Triffin’s proposal embodies a deep distrust of the extensive use of the US dollar, the ‘dollar standard’ as it was then known. Moreover, his was a step further toward turning the IMF into a genuine international bank with ‘deposits’ and ‘credit-creating’ capacity. Triffin’s ideas for settling payments imbalances between nations were predicated upon a fixed adjustable exchange rate regime or, failing that, a managed exchange rate regime in which monetary authorities were intervening regularly to keep exchange rates within a predetermined band.

Naturally, quite the opposite may occur. Accelerating inflation in a major industrialized economy such as the US could undermine economic stability elsewhere. In the Johnson-Machlup view, if exchange rates were much more flexible than they were during the BW era, this prospect would be minimized. 84), among others, maintained that the US in the 1970s had an incentive to inflate its price level relative to other countries, especially if the value of the US dollar was to remain fixed. Dollars were used extensively in international reserves of foreign monetary authorities.

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