The International Monetary System

Richard F. Kahn

Chapter Chapter 9 in Richard F. Kahn, 2022, pp 179-190 from Palgrave Macmillan

Abstract: Abstract Kahn’s article, published in 1973, reflects on the deficiencies in the operations of the international monetary mechanism in the twenty years after World War II and on the attempts to overcome them by reforming the Bretton Woods System. Kahn focuses on the problem of exchange rate adjustment in the face of external disequilibrium and the limits of clean floating. Kahn insists on the importance of managing changes in official parities in a flexible manner, avoiding the formation of destabilizing speculative positions. This is not only a question of improved machinery and improved operation of the old machinery, but of revitalizing the strong desire for cooperation between the representatives of countries of every kind and the fruitfulness of this cooperation.

Date: 2022
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DOI: 10.1007/978-3-030-98588-2_9

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