Exchange Rate System and the IMF: A Modest Agenda, The
AbstractGlobal currency markets have remained unsettled. The dollar hit record lows against both the yen and the mark in 1995. The Mexican crisis led to a free fall of the peso. Renewed tensions in the European Monetary System required devaluations in Spain and Portugal. It is thus fortuitous that the world s major countries, starting with the G-7 summit in Italy in June 1994, have agreed to reexamine the world monetary system and the role of its chief institutional custodian the International Monetary Fund. Yet there is little agreement on what should be done. Sweeping change in the form of explicit, binding exchange rate targets for the United States, Japan, and Europe does not seem to be in the cards. More limited reforms might gain more acceptance. But what should be the nature of those reforms? Would they be worth the effort? This study sets out a modest agenda for managing the exchange rate system, improving the system s early warning capabilities, and strengthening the IMF s oversight responsibilities. It could help improve functioning of the world economy and global financial stability.
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Bibliographic InfoThis book is provided by Peterson Institute for International Economics in its series Peterson Institute Press: All Books with number pa39 and published in 1995.
Note: Policy Analyses in International Economics 39
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- Morris Goldstein, 1995. "Exchange Rate System and the IMF: A Modest Agenda, The," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa39, November.
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- Jeffrey Frankel., 1995.
"How Well Do Foreign Exchange Markets Function: Might a Tobin Tax Help?,"
Center for International and Development Economics Research (CIDER) Working Papers
C95-058, University of California at Berkeley.
- Jeffrey A. Frankel, 1996. "How Well do Foreign Exchange Markets Function: Might a Tobin Tax Help?," NBER Working Papers 5422, National Bureau of Economic Research, Inc.
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