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The Present International Monetary System: Problems, Complications, and Reforms

  • Dominick Salvatore
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    In the last decade serious crises have affected financial markets. Some proposals to avoid international financial crises have been made, but more useful could be measures to strengthen the functioning of the present international monetary system. Another way could be a much greater involvement of the private sector. The misalignment among leading currencies of the world can be a source of crisis difficult to solve. The creation of the European Central Bank (ECB) and of the euro leaves unresolved the serious problem of how a European Monetary Union member will respond to an asymmetric shock. Copyright Kluwer Academic Publishers 2000

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    File URL: http://hdl.handle.net/10.1023/A:1008313608550
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    Article provided by Springer in its journal Open Economies Review.

    Volume (Year): 11 (2000)
    Issue (Month): 1 (August)
    Pages: 133-148

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    Handle: RePEc:kap:openec:v:11:y:2000:i:1:p:133-148
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    1. Frankel, Jeffrey A & Rockett, Katharine E, 1988. "International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model," American Economic Review, American Economic Association, vol. 78(3), pages 318-40, June.
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    7. McKinnon, Ronald I, 1988. "Monetary and Exchange Rate Policies for International Financial Stability: A Proposal," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 83-103, Winter.
    8. Salvatore, Dominick, 1999. "Could the Financial Crisis in East Asia Have Been Predicted?," Journal of Policy Modeling, Elsevier, vol. 21(3), pages 341-347, May.
    9. Dominick Salvatore, 1996. "The European monetary system: Crisis and future," Open Economies Review, Springer, vol. 7(1), pages 601-623, March.
    10. Frankel, Jeffrey A. & Rose, Andrew K., 1996. "Currency crashes in emerging markets: An empirical treatment," Journal of International Economics, Elsevier, vol. 41(3-4), pages 351-366, November.
    11. Salvatore, Dominick, 1997. "The Common Unresolved Problem with the EMS and EMU," American Economic Review, American Economic Association, vol. 87(2), pages 224-26, May.
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