Introduction: A New Architecture or New System? A Survey of International Monetary Reform in the 1990s

Fabrizio Saccomanni

Open Economies Review, 2000, vol. 11, issue 1, 15-41

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

Keywords: exchange-rate regime; international monetary system; international financial architecture; regulation; standards (search for similar items in EconPapers)
Date: 2000
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DOI: 10.1023/A:1008345004915

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