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Concepts and Implications of International Monetary Co-ordination

In: Monetary Theory and Monetary Policy

Author

Listed:
  • Manfred Willms

Abstract

Much dissatisfaction has evolved with respect to the functioning of the floating exchange rate system that has governed international monetary relations between the major industrialised countries since 1973. In particular, it is claimed that this system has led to substantial short-run volatility of exchange rates and to long-lasting misalignments. The impact of these fluctuations and real exchange rate changes on output, employment and the price level is seen as a central problem of flexible exchange rates.

Suggested Citation

  • Manfred Willms, 1993. "Concepts and Implications of International Monetary Co-ordination," Palgrave Macmillan Books, in: Stephen F. Frowen (ed.), Monetary Theory and Monetary Policy, chapter 12, pages 327-349, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23096-9_22
    DOI: 10.1007/978-1-349-23096-9_22
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