The period since the Second World war has been an eventful and
often disturbing one in the international monetary field. Economic
theories have been propounded and modified both to explain these
events and to influence future choices made by economic actors.
This history of international monetary relations shows both how
theoretical development affected private developments, and how the
theories themselves have been judged - and often discarded - on the
basis of their perceived accordance with actuality. Exchange rate
movements in particular are examined in the light of the absence of
any generally accepted fundamental model, and the author deploys
here his own theory based on the idea of bounded rationality.
Finally, he looks ahead to future possibilities for the
international monetary system.
New in the Second Edition
Fully revised and updated
Includes an account of the EMS up till the end of 1995
Fuller theoretical coverage of fixed exchange rate systems,
including the modelling of speculative attacks
Covers chaos theory and near-rational behaviour
Includes new sections on: speculators and speculative bubbles;
target zones and other proposals for international monetary reform;
the importance of free capital mobility and proposals to control
capital movements.
General
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