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Introduction: A New Architecture or New System? A Survey of International Monetary Reform in the 1990s

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  • Fabrizio Saccomanni

Abstract

The international monetary system (IMS) is a macroeconomic concept that encompasses the foreign exchange-rate regulation, the capital movement system, and all “the rules of the game” for the adjustment of international payment imbalances. The international financial architecture (IFA) is, in contrast, a microeconomic concept and should not be considered synonymous with the IMS. The IFA is one element of the IMS. The current set of international monetary arrangements has been frequently called a “nonsystem.” Today there are two missing pillars in the reform efforts: a framework for managing the interdependence among the macroeconomic policies of the global powers (the United States, Europe, and Japan) and the market-oriented approach to the financing of the IMF. Copyright Kluwer Academic Publishers 2000

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  • Fabrizio Saccomanni, 2000. "Introduction: A New Architecture or New System? A Survey of International Monetary Reform in the 1990s," Open Economies Review, Springer, vol. 11(1), pages 15-41, August.
    • Handle: RePEc:kap:openec:v:11:y:2000:i:1:p:15-41
    DOI: 10.1023/A:1008345004915
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    References listed on IDEAS

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    1. Antonio Fazio, 1998. "The International Monetary System," Open Economies Review, Springer, vol. 9(1), pages 701-708, January.
    2. Ronald I. McKinnon & Kenichi Ohno, 1997. "Dollar and Yen: Resolving Economic Conflict between the United States and Japan," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262133350, December.
    3. Curzio Giannini, 1999. "Enemy of None But a Common Friend of All? An International Perspectiveon the Lender-Of-Last-Resort Function," IMF Working Papers 1999/010, International Monetary Fund.
    4. Kathryn Dominguez & Jeffrey A. Frankel, 1990. "Does Foreign Exchange Intervention Work?," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 16, July.
    5. Dominick Salvatore, 1998. "International Monetary and Financial Arrangements: Present and Future," Open Economies Review, Springer, vol. 9(1), pages 375-416, January.
    6. Morris Goldstein (ed.), 1999. "Safeguarding Prosperity in a Global Financial System: The Future International Financial Architecture," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 50, July.
    7. Michele Fratianni & Dominick Salvatore & Paolo Savona, 1998. "Ideas for the Future of the International Monetary System: Conclusions and Remarks," Open Economies Review, Springer, vol. 9(1), pages 689-700, January.
    8. Kenen,Peter B. & Papadia,Francesco & Saccomanni,Fabrizio (ed.), 1994. "The International Monetary System," Cambridge Books, Cambridge University Press, number 9780521467292.
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    Cited by:

    1. Elio Iannuzzi & Massimiliano Berardi & Sergio Mazzarella, 2013. "L'evoluzione delle crisi finanziarie: tra politiche di rigore ed esigenze di sviluppo," ESPERIENZE D'IMPRESA, FrancoAngeli Editore, vol. 2013(1), pages 79-107.
    2. Carlo Gola & Francesco Spadafora, 2009. "Financial Sector Surveillance and the IMF," IMF Working Papers 2009/247, International Monetary Fund.

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