Occasional Papers

Improving the International Monetary System: Constraints and Possibilities

Author/Editor:

Morris Goldstein ; Donald J Mathieson ; Tamim Bayoumi ; Michael Mussa ; Peter B. Clark

Publication Date:

January 27, 1995

Summary:

This study addresses major policy issues associated with the future of the international monetary system. It focuses on whether there is a need for fundamental reform of this system, defined as systematic and sustained effort on the part of the three major industrial countries (United States, Japan, and Germany) to maintain their exchange rates within agreed ranges. It then discusses less rar-reaching reforms that could strengthen and improve the system.

Series:

Occasional Paper No. 1995/001

Subject:

Exchange rate arrangements Exchange rates Financial markets Foreign exchange International capital markets International monetary system Managed exchange rates Money