This book contains a collection of chapters discussing the issues involved in establishing a stable global exchange rate system. In doing so, the authors review the advantages and disadvantages of the various exchange rate regimes used throughout the world during the last fifty years, analyze the role of exchange rate systems in recent international financial crises and explore the probability of constructing a stable global arrangement in the next century.
Ten papers review the experience with various exchange rate regimes used through the world over the last fifty years and address issues involved in establishing a stable global exchange rate system. ...Rehman is at the School of Business and Public Management, George Washington University. Journal of Economic Literature
List of contributors. Acknowledgments. Introduction (S.S. Rehman). Part I: The Evolution of Exchange Rate Systems. A short history of the International Monetary System to 1976, with emphasis on the collapse of the Bretton Woods System (B.F. Duncombe). Part II: Recent Regional Exchange Rate Arrangements. The European experience with the European Monetary System (N. Thygesen). Exchange rate systems in the transition economies of Central and Eastern Europe and the former Soviet Union (J. Pelzman). Part III: Current Issues and Lessons. Performance of Exchange rate systems in the face of capital mobility (P.J. Quirk). The case for crawling pegs revisited (H. Askari). How can existing exchange rate arrangements be made to work better? (D. Salvatore). Part IV: Currency Arrangements for the Next Millennium. The dollar and the euro (C.F. Bergsten). The coming of the euro (Sir A. Walters). The International Monetary System (A. Fazio). The quest for exchange rate stability: realistic or quixotic? (P.A. Volcker).