By A. Endres
Drawing on sought after contributions via economists to the talk on foreign financial reform, this book offers an old standpoint at the plans, schemes and ideas at the foreign economy.
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Additional info for International Financial Integration: Competing Ideas and Policies in the Post-Bretton Woods Era
Will be conducive to freer trade since they do not create artificial obstacles to trade. For example, they do not lend themselves to being artificially undervalued for prolonged periods of time thereby inviting claims of unfair advantage and encouraging trade policy retaliation. 5. Do not cause inflation so long as domestic monetary policy is stable, predictable and generally non-inflationary. 6. Confer national monetary policy independence so that developed industrial nations can respond unilaterally to the impact of business cycles given their unique economic circumstances.
In assisting this task of reconciliation and adaptation, Triffin made a case for consolidating existing IMF financial facilities into a new international reserve asset that would ultimately replace the US dollar as the key currency used to settle international payments imbalances. There should be reformation and simplification of the definitions and rules associated with reserve positions that nations held with the IMF. The IMF’s deposits entitled holders to an unconditional right to use those means of payment for settling international obligations.
The idea of a self-regulating IFO was anathema to all but a small minority. In his book entitled The Failure of World Monetary Reform 1971–74, John Williamson (1977) ruefully outlined the experience during that period. High expectations, due mostly to the spirit and success of the BW order, were dashed. The BW doctrine embodied…a comprehensive set of rules for assigning macroeconomic policies: exchange rates to medium-run external balance, fiscal-monetary policy to short-run internal balance, and reserves to provide a buffer stock (as distinct from a monetary base) that would allow short-run departures from external balance.