This volume brings together a distinguished group of
contributors from European universities and research institutes as
well as U.S. finance and economic institutes to examine a broad
range of issues related to the current and future roles of
international and European monetary systems. Among the topics
covered are the relationship of each system to the U.S. dollar and
its fluctuations vis-a-vis the Japanese Yen and German Deutschmark;
the effect of fiscal policies on monetary systems; the role of the
European currency unit; exchange rate management and international
coordination; the theory behind, and policy implications of, over-
and undervalued currencies; and the prospects for future currency
unification and currency competition. Students of international
finance and trade, international economics, and monetary theory
will find this an important contribution to debates over
international monetary policy.
Divided into two major sections, which address the international
and European systems respectively, the book begins with three
chapters that examine the exchange rate system of a managed float
with respect to the dollar. The fundamental question addressed by
the authors is whether this system, which has predominated in the
last decade, has contributed to increasingly unstable real exchange
rates. The following two chapters examine the role of the IMF's
special drawing right and the appropriate exchange rate regime for
developing countries. The remaining chapters focus on the European
Monetary System, and explore such issues as the convergence of
monetary and fiscal policies within the European Monetary System
and the role of the private European Currency Unit. A bibliography
is included for those who wish to pursue further research on these
topics.
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