422 research outputs found
Currency Areas, Exchange Rate Systems and International Monetary Reform
I. Introduction II. The Pre-Eminence of the Dollar III. The Fate of the Gold Standard IV. Currency Areas and Currency Unions V. The Importance of Monetary Rules VI. Monetary Arrangements in Free Trade Areas and Customs Unions VII. Central Banks, Dollarization and the Maastricht Conditions VIII. Exchange Rate Volatility and Internal vs. External Stability IX. Towards a World Currencypower configuration; currency areas; monetary rules; financial integration; world currency
Athletics\u27 Place In Education
The question asked by college students, college athletes, college faculty members, and the world at large is, What is the place athletics should hold in our present (lay educational system, or do athletics belong at all in the college program? The question is a natural one because there exist arguments pro and con. I believe the arguments for athletics far outweigh those listed against them
Debt, Growth, and Poverty in the International Monetary System
This paper explores the relationship between debt, growth, and poverty and the international monetary system. With a well-functioning international monetary system, economic policy works well, instruments are assigned to targets appropriately, and discipline is maintained. The fixed exchange rate is contrasted with alternative monetary rules. The monetary rule is the weakest system; monetary targeting has failed in every country in which it has been tried. An advantage of the fixed exchange rate is the clue it provides to the price level, interest rate, and future monetary policy. Other things being equal, the use of a currencies basket is inferior to a single currency peg, while a freely floating exchange rate system puts itself at the mercy of speculators. The paper points out the conditions for a successful currency area as a consensus on a common inflation rate; a common basket of goods with which to measure inflation; exchange rate that must be locked; member countries must adopt a common monetary policy; and a formula must be devised for distributing and using the seigniorage profits from monetary expansion. There is a need to study the possibility of an Asian currency area and the links between the APEC and the SAARC. Regular and mutual surveillance on monetary, fiscal, and exchange rate convergence, and policies that minimise exchange rate uncertainty and work towards a currency club area based on a common anchor— initially the dollar—are needed. Setting up of an Asian Monetary Fund is also suggested, one that is closely modelled on the original IMF articles of agreement and will provide an anchored fixed exchange rate system.
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National economic policies, currency areas and Arab monetary integration
De la surévaluation du dollar canadien
Le dollar canadien est présentement (en 1990) surévalué. Les autorités canadiennes devraient le laisser se déprécier promptement à un niveau de 0,78 à 0,80 $ÉU, puis s’engager fermement à le maintenir dans cet intervalle. La position qui est ainsi défendue s’appuie en général sur la théorie et l’histoire monétaires contemporaines, et en particulier sur une critique des arguments spécifiques de la Banque du Canada en faveur du régime actuel des taux de change flexibles.The Canadian dollar is presently (1990) overvalued. The Canadian authorities should let it depreciate promptly to a level of 78 to 80 US cents, and then keep it firmly within this range. The general case is based on modern monetary theory and history. Specific criticisms of the Bank of Canada's defense of flexible exchange rates complete the argument
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The international monetary system at the beginning of the new millennium
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Currency areas, volatility and intervention
On January 1, 1999, the euro was launched with eleven members and it instantly became the second most important currency in the world. It may prove to be the most important event in the history of the international monetary system since the dollar took over from sterling the role of dominant international currency. For the time being the mainstream of the world economy will be characterized by a tripolarism based on the dollar, euro and yen The new situation raises some old questions: Is the currency configuration of the world economy optimal? How many currencies does the world need? Which countries belong in a currency area? What is the optimum currency area? This paper will discuss the currency composition of the world economy today. It will discuss the prospects for expansion of the major currency areas and the problems arising from the volatility of exchange rates between them. It will argue that a restoration of a system of fixed exchange rates would have to begin with stabilization of the exchange rates between the dollar, euro and yen, and that a step in the right direction would be to evolve policies that provide for intervention in the foreign exchange market
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