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International Monetary System: Developments and Prospects

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  • International Monetary Fund

Abstract

This paper addresses several fundamental issues raised by recent developments in the world economy and considers their implications for the design and functioning of the international monetary system. We do not make any proposals. The four issues examined in the paper are: (1) Can the exchange rate regime do much to discipline fiscal policy?; (2) What are the extent and costs of reduced monetary independence under greater fixity of exchange rates?; (3) How can the equilibrium exchange rate best be determined?; and (4) Does a well functioning international monetary system require a clearly defined set of rules, an acknowledged leader, and an explicit anchor?

Suggested Citation

  • International Monetary Fund, 1988. "International Monetary System: Developments and Prospects," IMF Working Papers 1988/045, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1988/045
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=30533
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    Cited by:

    1. Garry J. Schinasi, 1989. "European integration, exchange rate management, and monetary reform: a review of the major issues," International Finance Discussion Papers 364, Board of Governors of the Federal Reserve System (U.S.).
    2. Edward J. Kane, 1990. "Incentive Conflict in the International Regulatory Agreement on Risk-Based Analysis," NBER Working Papers 3308, National Bureau of Economic Research, Inc.

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