By George M Von Furstenberg
Edited by way of George M. von Furstenberg, this quantity offers the rethinking of the services and reasons served via overseas financial preparations at top universities, banks, and reputable associations.
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Additional info for International money and credit : the policy roles
Thus, I believe that the best prospects for improved global economic stability rest with better management of national economic policies, including paying better attention to, and coordination of, the international consequences of these policies. Perhaps the greatest advantage of the current system is that while optimal policymaking is probably more difficult than it was under the Bretton Woods system, the current system has shown substantial shock-absorbing capabilities which have substantially limited the international damage generated by poor national policies and the inconsistencies among national objectives.
Likewise, flexible exchange rates did not eliminate concern about reserve switching but, by reducing the oneway speculative option frequently generated under the Bretton Woods adjustable peg, tended to reduce the incentives for frequent switching. In such an analysis, it is important to make clear one's standard of comparison. 23 Strategies for further improvements in handling these problems will be discussed in Section III. National Sovereignty and Distributional Concerns The previous discussions have focused primarily on various aspects of economic efficiency.
Simple rules for the management of international reserve aggregates are unlikely to be effective. At the same time, the substantial increase in the number of individual countries and groups of countries which have a major influence on international monetary developments has substantially increased the difficulties of formal collective decision making. While the move away from hegemony is desirable based on global political criteria, it does substantially increase the scope for "blocking coalitions" which can frustrate attempts at positive international agreements.
International money and credit : the policy roles by George M Von Furstenberg