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This book interprets the historical evolution of how and why the international monetary system has been transformed. The strategies of the major decision-makers are defined and described, and an analysis made of how these strategies were adapted. The structure of the analysis differs from other such contributions, in that it does not concentrate on the way in which disturbances have developed, but rather on describing the pattern of reaction of policy makers to disturbances, and in particular on the political element in the decisions. This structure of analysis makes relevance criteria somewhat different from most academic literature on the international monetary system. A substantial amount of evidence is presented that has hitherto been largely neglected by experts; for example the sterling support schemes, the gold pool transactions, the use of the swap network, Schiller's preparation of the German block floating, the intervention pattern among key currencies, and the views arising from the minutes of the Federal Open Market Committee.
In order to facilitate comparison with other presentations careful documentation is provided of the points made. Apart from the literature referred to in the Bibliography, all material used - comprising documents, memoranda, publications and communiqués - has been organized in a computer index containing about 500 entries. Background material covered by one or more of these entries is available to the interested reader.
- No. of pages:
- © North Holland 1992
- 27th November 1992
- North Holland
- eBook ISBN:
Danmarks Nationalbank, Copenhagen, Denmark
@from:Denis Healey, MP and former Minister of Finance, UK @qu:.... based on many decades of experience as a central banker; its clarity and wisdom make it an invaluable guide to the current problems of the international monetary system. @source: @from:Jacques de Larosière, London @qu:It is a very interesting and important book, extremely well documented and thought through. @source: @from:Stephen Marris, International Economist, UK @qu:It is quite brilliant - by far the best thing written on the subject. For one thing it brings together many more of the relevant facts and figures than has been done up to now, with beautiful concision. @source:
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