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Prospects Of An International Monetary System Constitution

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  • ANNA J. SCHWARTZ

Abstract

Cost‐benefit reasons account for the adoption of the pre‐World War I gold standard and the Bretton Woods system–the closest approximations to a constitution for the international monetary system that the world has experienced. Past rule‐based international monetary proposals that were rejected were judged not to serve national interests. Current proposals do not deal with policymakers' and governments' self‐interest in preserving their existing power to choose domestic objectives and to adopt policies to achieve those objectives.

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  • Anna J. Schwartz, 1987. "Prospects Of An International Monetary System Constitution," Contemporary Economic Policy, Western Economic Association International, vol. 5(2), pages 16-30, April.
    • Handle: RePEc:bla:coecpo:v:5:y:1987:i:2:p:16-30
    DOI: 10.1111/j.1465-7287.1987.tb00253.x
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    1. Warwick J. McKibbin & Jeffrey Sachs, 1986. "Coordination of Monetary and Fiscal Policies in the OECD," NBER Working Papers 1800, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Nataliya Yu. Tanyushcheva, 2019. "Background of Anti-Money Laundering Regulation in Modern Economic Theory," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 6, pages 96-107, December.

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