Titlebook: Ideas for the Future of the International Monetary System; Michele Fratianni,Dominick Salvatore,Paolo Savona Book 1999 Springer Science+Bu

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Comments on the Papers by Salvatore, Hamada, Capie, Fratianni et al., and Von Hagen and Fenderng a story of the main changes and challenges that we are likely to face in the future international monetary system. I will then use that story to make links with the five papers, thereby also demonstrating that I read the papers.

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Trade and the Number of OCAs in the Worldy two of the many criteria in the literature on OCAs, computer programming could serve to do the identification. The two chosen criteria relate to trade and the symmetry of shocks to output. Based on the first criterion, trade, some large continental OCAs emerge. Adding the second, symmetry, whittle

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Exchange Rate Stability and Financial Stabilityme extent this follows from the standard textbook wisdom: whether fixed or flexible exchange rates are preferable depends on the source of disturbances. If threats to the stability of the banking system come from the “outside,” there is a case for exchange rate flexibility to discourage the banks fr

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Central Banks’ Management of Foreign Exchange Reserves liquidity degree, minimize risk, and a good return on their portfolio. In recent years the dollar share in official reserves increased, at the expense of the Deutsche mark and yen. The evidence suggests that movements in the exchange rate exert the only influence on reserve currency shares; the lon

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International Monetary and Financial Arrangements: Present and Futured in huge benefits to savers and borrowers as capital has tended to flow to its most productive uses around the world, but it has also led to fears that this has sharply reduced the effectiveness of monetary policy. This liberalization imposes a constraint on monetary policy in the sense that it for