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In the post-Bretton Woods era from 1971-2000 economists were engaged in a
vigorous contest over major aspects of international integration: how to design an optimal
currency exchange rate policy; the costs and benefits of international capital flows and
policies to change their composition; the causes of financial crises and policies to
overcome them; the place of the IMF in the rapidly globalizing international financial
system; the ongoing process of currency consolidation and the costs and benefits of
monetary union.
This book responds to these issues by reviewing the various ideas and policies on the key
dimensions of international financial integration and reform. It emphasizes the competing
ideas among leading economists, including nine Nobel Laureates in economic science. By
taking a comparative schools of thought approach, the book identifies central tenets of
the main traditions of thought on the subject. It underpins lessons that are still at the
forefront of modern debate on reform of the international financial architecture.
This book is essential reading for all interested in international economics,
international finance, economic history, international relations and modern economic
thought.
ANTHONY ENDRES is Associate Professor at The University of Auckland
Business School, New Zealand.
Contents
A Qualitative Framework
Economists' Initial Reactions to the Demise of the Bretton Woods System
Controversy Over Choice of Exchange Rate Regime
Choice of Capital Account Regime: When to Liberalize?
International Financial Crises: Ideas and Policies
The IMF: Post-Bretton Woods Era Functions and Reform Issues
Currency Consolidation and Currency Unions
Epilogue
264 pages, Hardcover