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Fact and Fancy in International Economic Relations: An Essay on International Monetary Reform is written during 1971-2 in collaboration with Peter Balacs. It is a sequel to the Theoretical Introduction to, and the Historical Analysis of, a collection of essays Unequal Partners. This essay rebuts in particular the view that full employment and stability could be reconciled by, on the one hand, a combination of monetary and fiscal policies, and, on the other, the adoption of floating (or 'crawling' or 'adjustable') exchange rates. Emphasis is placed on the importance of the given historical situation, of the pattern of anticipations, in determining the outcome of the readjustment process after some disruption.
2. The Fancies Explored
1. Dynamic Problems and Static Models
2. International Economic Relations as a Problem of Oligopoly
3. A Theory of Reserve Holding
(a) The Need for International Reserves
(b) The Cost-Benefit of International Reserves
3. The Facts Restated
1. Oligopoly in Practice: the Retreat from Bretton Woods
(a) Bretton Woods and after
(b) Abundance of Reserves and the Marasmus of the Dollar
2. International Readjustment in a Framework of Oligopoly: Inflation, Beggar-My-Neighbor and Flexibility
(a) The Problem of Cost-Push Inflation
(b) Keynesian Unemployment: Undervaluation as a Weapon
(c) Exchange Rates, Inflation and Equilibrium
4. The Elements of a Solution
1. Rules of Good Conduct
(a) Downward Flexibility
(b) Upward Flexibility
(d) Widening Band
3. Capital Movements
4. Supplying Liquidity
(a) The Aims of Reserve-Creation
(b) The Reform of Present Arrangements
5. The 'Link'
6. Unit of Account and Intervention Currency
8. The Status of the New International Institution
Notes to Chapters 1-4
- No. of pages:
- © Pergamon 1973
- 1st January 1973
- eBook ISBN:
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