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Rethinking the International Monetary System: an overview

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  • Jane Sneddon Little
  • Giovanni P. Olivei

Abstract

When the Federal Reserve Bank of Boston chose "Rethinking the International Monetary System" as the topic for its 43rd Economic Conference, it was clear that the worst international financial crisis in decades had caused tremors within the economics profession and the policymaking establishment. The miracle countries of Asia had suffered sharp currency devaluation and deep economic downturns, the turmoil had spilled over into Russia and Latin America, and a severe liquidity crisis had briefly threatened banking systems in the advanced countries. Not surprisingly, then, the events of the 1990s provoked many proposals for reform. But these proposals reflected differing, even contradictory views about the underlying problems and their solutions, and they did not always reveal a systemic approach to reform. ; In hopes of clarifying some of these issues, the Bank asked conference participants to examine key parts of current international arrangements: the eclectic exchange rate system, international capital markets, the international lender of last resort, and policy coordination. We also asked them to consider how these critical components interact. We hoped that adopting a systemic approach would help to narrow the differences among economic policymakers and identify priorities for reform. Our ultimate goal was to define ways to enhance the benefits of global integration, while limiting its costs. This article summarizes the participants' answers to our questions.

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Bibliographic Info

Article provided by Federal Reserve Bank of Boston in its journal Conference Series ; [Proceedings].

Volume (Year): 43 (1999)
Issue (Month): Jun ()
Pages: 1-31

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Handle: RePEc:fip:fedbcp:y:1999:i:jun:p:1-31:n:43

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Keywords: Monetary policy ; International finance;

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Cited by:
  1. Tobias Knedlik, 2006. "Implementing an International Lender of Last Resort," IWH Discussion Papers 20, Halle Institute for Economic Research.
  2. Richard N. Cooper & Jane Sneddon Little, 2001. "U.S. monetary policy in an integrating world: 1960 to 2000," New England Economic Review, Federal Reserve Bank of Boston, pages 33-56.
  3. Ramkishen S. Rajan & Tony Cavoli, 2010. "Exchange Rate Arrangements For East Asia Post-Crisis: Examining The Case For Open Economy Inflation Targeting," Working Papers id:2718, eSocialSciences.
  4. Michael W. Klein & Giovanni Olivei, 1999. "Capital Account Liberalization, Financial Depth and Economic Growth," NBER Working Papers 7384, National Bureau of Economic Research, Inc.

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