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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. 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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