International Monetary System (eBook)

An Essay in Interpretation

E. Hoffmeyer (Autor)

eBook Download: PDF

2016 | 1. Auflage
268 Seiten
Elsevier Science (Verlag)
978-1-4832-9715-6 (ISBN)

Infos

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.

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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 communiques - 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.

Inhalt

Front Cover 1
The International Monetary System: An Essay in Interpretation 4
Copyright Page 5
Dedication 6
Table of Contents 8
Preface 14
Chapter I. Basic Concepts and Economic Trends 18
1. Introduction 18
2. The Blueprint Rules of Behaviour 19
3. Short-term Capital Movements 24
4. Broad Trends of Performance 26
5. The Players 30
Chapter II. Decline of the Bankers 34
1. The System and the Markets 34
2. Sterling. Phase One. Clean Support 1961-65 39
3. Sterling. Phase Two. Conditional Support 1966-74 44
4. Sterling. Phase Three. Exit Banker 1976-80 51
5. Sterling. Summary 54
6. The Dollar. Fundamentals 55
7. The Gold Pool 58
8. The Swap Network 66
9. International Reforms 71
10. Summary 79
Chapter III. The Confrontation 82
1. Tensions 1961-73 82
2. The 1961 Revaluation 83
3. The Bonn Happening 1968 and Temporary Floating 1969 85
4. The Nixon Capital Flight. The German Dilemma. Schiller and the Long Night, May 1971 89
5. Munich - Camp David - Smithsonian 94
6. The Showdown. A New Charter 101
7. The Euro-Dollar Market As Culprit 109
8. Summary 113
Chapter IV. The Block Floating Experiment 116
1. The European Choice 116
2. The EC Aspirations 119
3. Some Technicalities 122
4. Disintegration of the Snake. A DM-Zone 125
5. A New Initiative. EMS, Instability 1979-83 128
6. EMS—Convergence from 1983 133
7. Basic Features of the European Block Floating 137
8. Summary 140
Chapter V. Taming the System? 142
1. The Problem 142
2. In Search of a Common Policy Stance 144
3. Sovereign Lending. Recycling. Panic of 1982 150
4. The Drifting Key Currencies 155
5. Coordinated Adjustment 179
6. Summary 186
Chapter VI. Shifting Strategies and Changing Powerlines 188
1. Shifting Strategies 189
2. Changing Powerlines 193
Bibliography 198
Name Index 202
Appendix I: Arrangements in support of Pound Sterling 1961-84 204
Appendix II: 1 Federal Reserve Swap Network - Amount of Bilateral Facilities 210
Appendix II: 2 Federal Reserve Swap Network Drawings ( + ) and Repayments ( - ) by Federal Reserve 211
Appendix II: 3. Federal Reserve Swap Network Drawings ( + ) and Repayments ( - ) by Foreign Central Banks 213
Appendix III: Net Dollar Intervention 1977-90 215
Appendix IV: Chronology on major events mentioned in the essay 218
Appendix V: Selected Communiqués 222

Produkt-Details

• Erscheint lt. Verlag: 26.1.2016
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik
• ISBN-10: 1-4832-9715-2 / 1483297152
• ISBN-13: 978-1-4832-9715-6 / 9781483297156