International Monetary System: Developments and Prospects

International Monetary Fund

No 1988/045, IMF Working Papers from International Monetary Fund

Abstract: This paper addresses several fundamental issues raised by recent developments in the world economy and considers their implications for the design and functioning of the international monetary system. We do not make any proposals. The four issues examined in the paper are: (1) Can the exchange rate regime do much to discipline fiscal policy?; (2) What are the extent and costs of reduced monetary independence under greater fixity of exchange rates?; (3) How can the equilibrium exchange rate best be determined?; and (4) Does a well functioning international monetary system require a clearly defined set of rules, an acknowledged leader, and an explicit anchor?

Keywords: WP; Exchange rate.; exchange market intervention; implicit contract; market rate; discipline fiscal policy; exchange market stability; monetary policy independence; policy commitment; satellite country; exchange rate crisis; exchange rate regime; equilibrium rate; exchange rate determination; Exchange rates; Exchange rate arrangements; International monetary system; Real exchange rates; Global (search for similar items in EconPapers)
Pages: 26
Date: 1988-01-01
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Citations: View citations in EconPapers (2)

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