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Changing Perceptions of International Money and International Reserves in the World Economy

In: The Reconstruction of International Monetary Arrangements

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  • K. Alec Chrystal

Abstract

The international monetary environment of the early 1980s is very different from that of the early 1960s or indeed the early 1970s. Despite the intentions of central bankers and finance ministers, in those distant days of the 1967 Rio de Janeiro meetings, to plan for the rational evolution of an official sector-dominated system, expediency appears to have dictated a seemingly haphazard development. Despite the occurrence of a period of severe economic difficulties in many countries — the UK is a good but extreme example where there has been little or no growth in a decade, inflation remains in or close to double figures and unemployment is at a forty-year high — there is no consensus on the proper shape of an international monetary system that would support a return to more prosperous times. Will any system do?

Suggested Citation

  • K. Alec Chrystal, 1987. "Changing Perceptions of International Money and International Reserves in the World Economy," Palgrave Macmillan Books, in: Robert Z. Aliber (ed.), The Reconstruction of International Monetary Arrangements, chapter 7, pages 127-150, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-349-18513-9_8
    DOI: 10.1007/978-1-349-18513-9_8
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