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Special Report on

Rules for International Monetary Reform

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The history of monetary policy is characterised by crisis and reform. The paper is dedicated to an explanation of what makes monetary reforms successful. A cross-sectional econometric analysis is chosen to deal with this problem. It is based on a standard macroeconomic model of commitment and credibility. As the dependent variable, we calculate a post-reform inflation rate. The exogenous variables are the degree of legal commitment, the constraining influence of institutions and a new variable for ex-ante credibility of the reform. The paper allows for the conclusion that monetary commitment, the consideration of institutional ...
is commonly understood to refer to the international monetary regime that prevailed from the end of World War II until the early 1970s. Taking its name from the site of the 1944 conference that created the International Monetary Fund (IMF) and World Bank , the Bretton Woods system was history's first example of a fully negotiated monetary order intended to govern currency relations among sovereign states. In principle, the regime was designed to combine binding legal obligations with multilateral decision-making conducted through an international organization, the IMF, endowed with limited supranational authority. In ...
The only way out of this mess.
In chapter 9 of my book, Money, Bank Credit, and Economic Cycles (pp. 789–803), I design a process of transition toward the only world financial order that, being fully compatible with the free-enterprise system, can eliminate the financial crises and economic recessions that cyclically affect the world's economies. Such a proposal for international financial reform is, of course, extremely relevant at this time, since the disconcerted governments of Europe and America are planning a world conference to reform the international monetary system in order to avoid future financial and banking crises such as the one that ... market research, surveys and trends
The Gold Standard: A Principled Case « Public Discourse
In recent months, we have witnessed fierce arguments between, on the one side, those who defend the current system of “fiat money,” in which, as John Maynard Keynes stated, money “is created and issued by the State, but is not convertible by law into anything other than itself, and has no fixed value in terms of an objective standard,” and, on the other, those who support a return to the gold standard or even privatized money. It is important to remember that monetary policy reflects the state’s choice to prioritize one set of economic possibilities (e.g., long-term monetary stability) over other options (e.g., the government’s ... market research, surveys and trends


Reform of the International Monetary Fund
Jun 7, 2005 ... rules of the monetary system, improving the governance of the Fund itself, ... of $800 billion, almost 7 percent of our GDP) and growing rapidly. .... 2 Our estimate at the Institute for International Economics is that a ... industry trends, business articles and survey research
IMF Survey: World Must Now Focus on Financial Sector Reform, Says IMF
he international economy is recovering faster than expected from the global crisis, but the world remains a dangerous place and governments should now focus on stepping up reform of financial sector regulation to avoid future crises, said IMF Managing Director Dominique Strauss-Kahn. Speaking ahead of meetings in Washington of the International Monetary Fund, the World Bank, and the Group of Twenty (G-20) leading industrial and emerging market countries, Strauss-Kahn said the faster-than-expected recovery was testament to the unprecedented cooperation between major economies to combat the crisis. But in a wide-ranging press ... industry trends, business articles and survey research
Finding a Good Financial Bill in 2300 Pages
of the sweeping regulatory overhaul on Thursday brings to a close a long-running legislative process. Even ahead of the Senate’s vote, people were arguing that the bill failed to enact meaningful change. The perceptive Heidi Moore at Fortune captures the mood when she writes that it is “ hard out there to be an economist ,” as the bill spurns many of their ideas (to the extent there is any agreement on such ideas among economists, which is not so much). So not surprisingly, blogging economists have been leading the charge. Simon Johnson, a professor at the Massachusetts Institute of Technology (not Harvard as I ... market trends, news research and surveys resources
Aiding the States, but Not as a Habit
Should the federal government send cash to fiscally strapped states? Given the current system, federal stimulus aid for states makes sense. There is no better use for public funds than making sure that schools remain strong and streets remain safe. But a system that uses Texas’s taxes to pay for California spending is badly flawed. Just as the International Monetary Fund has made aid conditional upon political reform, federal aid to states should be tied to reforms that would make future federal interventions less necessary. I see much to like in state and local government (perhaps unsurprisingly since I direct a center for ... market trends, news research and surveys resources


Panel Session II: Implications for International Monetary Reform
for International Monetary. Reform. Barry Eichengreen, chair. C. Fred Bergsten ...... in 1944 is summarized by the six rules in rule box 1 .4 ... technology research, surveys study and trend statistics
TG-659: Statement by Secretary Timothy F. Geithner at the ...
A year ago, trade was plunging by more than a third, global output was contracting at an annual rate of 6 percent, financial markets were frozen, and people were losing their jobs at an alarming rate.   A year ago, we acted with unprecedented force and speed to pull the global economy back from the abyss.   Together, we injected $5 trillion of global fiscal stimulus and mobilized an additional $1 trillion for international financial institutions to raise global output, support growth, and restart international trade.   In the United States , the $787 billion American Recovery and Reinvestment Act (ARRA) was put in ... technology research, surveys study and trend statistics
Currency Areas, Exchange Rate Systems and International Monetary ...
Charles Rist, French economist and central banker, once said that "democracy killed the gold standard." A nice phrase -- he was a very good economist. What I think he meant was that democracy results in an increase in social demands and redistribution programs that governments have to supply or else be ejected at the next election. In the effort to finance the new programs governments raise taxes to the limit and then engage in borrowing and deficit financing from the central bank, leading to a breakdown of convertibility and the collapse of the gold standard. The gold standard will no longer act as the "Golden ...
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