International money and credit : the policy roles by George M Von Furstenberg

By George M Von Furstenberg

Edited by way of George M. von Furstenberg, this quantity provides the rethinking of the features and reasons served via foreign financial preparations at top universities, banks, and respectable associations.

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International Monetary Fund. Not for Redistribution FUNCTIONING OF CURRENT INTERNATIONAL SYSTEM 33 A somewhat similar difficulty results from the tendency to reverse endsmeans relationships over time. To the Bretton Woods negotiators, the par value exchange rate system was clearly seen as a means of achieving broader ends; but, over time, in the minds of many officials and international monetary specialists, it became such a symbol of international monetary cooperation that the system was widely viewed as almost an end in itself, with many people (fortunately incorrectly) believing that the termination of the par value system would lead to a major breakdown in international financial cooperation.

It is not surprising that deficit countries typically prefer adjustment to mutual payments imbalances to come from macroeconomic expansion in surplus countries, while surplus countries prefer restraint in the deficit countries. ©International Monetary Fund. Not for Redistribution FUNCTIONING OF CURRENT INTERNATIONAL SYSTEM 27 With exchange rate adjustments, the distribution of economic effects is much less closely related to who initiates the adjustments. However, under the Bretton Woods system, national officials typically felt that political blame and international status were closely related to who initiated adjustment.

One crude, but useful method which is already widely employed in international negotiations is the linking of issues with different perceived distributional effects. Contrary to the frequent interpretation of such linkages in the international relations literature as examples of power politics, such linkages may often offer a cooperative method of securing better balance in distributional effects and consequently 24 For a useful discussion of the role of trust and risk aversion in international monetary issues, see Cooper (1975).

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