Get International Financial Integration: Competing Ideas and PDF

By A. Endres

ISBN-10: 0230232264

ISBN-13: 9780230232266

Drawing on well known contributions via economists to the talk on overseas financial reform, this book offers an ancient point of view at the plans, schemes and concepts at the overseas economic climate.

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Extra resources for International Financial Integration: Competing Ideas and Policies in the Post-Bretton Woods Era

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The demand for a currency is affected by, among other things, how much is produced – if too much is produced then the demand may decline because buyers will expect that the purchasing power of that currency will decline in world terms. Monetary forces (demands and supplies of national money and other financial assets denominated in that money) can determine the value of a currency and influence the general direction (in time) of a currency exchange rate. Monetary forces impact on the pressures to change fixed exchange rates and on movements in flexible exchange rates in the long run.

1 below. Box 1 is a condition of full international financial integration in which capital ‘markets’ are fully controlled by national or international agencies. In such conditions exchange rates are more easily fixed. Intergovernmental management and/or IFI management of capital movements is comprehensive. Here there is no risk of exchange rate fluctuations. In Box 3 we have fully flexible exchange rates determined by the interplay of market forces on foreign exchange markets. In this situation national monetary authorities have complete autonomy to conduct monetary policy with domestic objectives in view – such as 3.

Here we wish to consider this question from the vantage point of economists’ main doctrines in the period under review – the immediate years following the collapse of BW. Certainly, symmetry in the official use of currencies would broadly obtain with fully market-determined exchange rates. Again the bogey in the discussion was the sheer size of the US dollar market. 336). Would that outcome have been so dangerous? Of course it may not have, going on Paul Samuelson’s perspective recounted earlier in this chapter.

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International Financial Integration: Competing Ideas and Policies in the Post-Bretton Woods Era by A. Endres


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