内容

目次

Part 1 International monetary standards - from gold to the dollar: therules of the game - international money in historical perspective; exchangerisk and interest rate volatility in historical perspective; an internationalgold standard without gold; private and official international money - thecase for the dollar, 1969; sterilization in three dimensions - major tradingcountries, eurocurrencies and the United States; currency substitution andinstability in the world dollar standard; why US monetary policy should beinternationalized; money supply versus exchange-rate targeting - an asymmetrybetween the United States and other industrial economies. Part II Optimumcurrency areas and exchange-rate flexibility: optimum currency areas; optimumworld monetary arrangements and the dual-currency system; floatingforeign-exchange rates, 1973-74 - the emperor's new clothes; the exchangerate and macroeconmoic policy - changing postwar perceptions; exchange-rateinstability, trade imbalances and monetary policy in Japan and the UnitedStates; monetary control and the crawling peg; two concepts of internationalcurrency substitution; why floating exchange rates fail - a reconsiderationof the liquidity trap; floating exchange rates and the new interblocprotectionism - tariffs versus quotas. Part III International monetaryreform: a common monetary standard or a common currency for Europe? - fiscallessons from the United States; monetary and exchange-rate policies forinternational financial stability - a proposal; the monetary road to postwarprosperity - Marshall-Dodge or Bretton Woods?; from Plaza-Louvre to a commonmonetary standard for the 21st century. Appendix: McKinnon's hand referenceguide to the rules of the game.