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International Monetary Economics

Опубликовано на портале: 09-04-2003
Факультет: Economic Department
Год: Spring 1997
Тематические разделы: Экономика, Макроэкономика, Международная экономика, Международная экономика: Международная макроэкономика и международные финансы

Aннотация:
Курс "Международная монетарная экономика" читается на первом курсе магистратуры Университета Иллинойса в Чикаго.
Основной учебник Rivera-Batiz and Rivera-Batiz, International Finance and Open Economy Macroeconomics, second edition. New York: Macmillan Publishing Company, 1994.
Слушатели курса должны иметь знания по всем теоретическим курсам бакалавриата, хорошо владеть дифференциальным исчислением, теорией вероятности и математической статистикой.
Особенностью данного курса является рассмотрение проблем международных финансов с монетарной точки зрения.







Spring Semester 1997

Economics 515 Professor Officer

INTERNATIONAL MONETARY ECONOMICS




HOW TO REACH THE PROFESSOR

office: 2114 University Hall

office telephone: (312) 413-9342

home telephone: (847) 835-1538

e-mail: LOFFICER@UIC.EDU



COURSE REQUIREMENTS

There will be a mid-term examination (one-third the course grade) and a final examination (two-thirds the course grade). The mid-term examination will be on Thursday, March 6; the final examination will be given on the (to-be-announced) scheduled date and time during final-examinations week (May 5-9). The final examination will cover the entire course; coverage of the mid-term examination will be announced.



REQUIRED READING MATERIAL

1.Rivera-Batiz and Rivera-Batiz, International Finance and Open Economy Macroeconomics, second edition. New York: Macmillan Publishing Company, 1994.

2.Course Pak No.1--the reading from the Yeager book.

3.Course Pak No.2--all other reading.

The Rivera-Batiz book and the two Course Paks are available at the university bookstore.



ABBREVIATIONS IN READING LIST

Francisco L. Rivera-Batiz and Luis Rivera-Batiz, International Finance and Open Economy Macroeconomics. Cited as "RB."

Leland B. Yeager, International Monetary Relations: Theory, History, and Policy, second edition. Cited as "Yeager."

Jaroslav Vanek, International Trade: Theory and Economic Policy. Cited as "Vanek."

Mordechai E. Kreinin and Lawrence H. Officer, The Monetary Approach to the Balance of Payments: A Survey. Cited as "KO."

Lawrence H. Officer and Thomas D. Willett, editors. The International Monetary System: Problems and Proposals. Cited as "OW."

Harry G. Johnson, International Trade and Economic Growth. Cited as "Johnson, International Trade."

Harry G. Johnson, Money, Trade and Economic Growth. Cited as "Johnson, Money."

Gottfried Haberler, A Survey of International Trade Theory. Cited as "Haberler."

Robert A. Mundell and Alexander K. Swoboda, editors, Monetary Problems of the International Economy. Cited as "MS."

J. E. Meade, The Balance of Payments. Cited as "Meade."



COURSE OUTLINE AND READING LIST


I. BALANCE OF PAYMENTS AND NATIONAL ACCOUNTS: FORMAL RELATIONSHIPS

A. Balance of Payments

1.Balance-of-Payments Accounting

RB: 101-102 (end just before first pgph. on RHS), 215- 222, 232 (beginning with line 2 on RHS) - 233, 239- 241 (end with item 63), 236 (point 1), 347 (beginning with first indented pgph. on LHS, end just above first pgph. on RHS)

Haberler: 30 (third pgph.), 31 (note 1)

Yeager: 38-43, 45 (last pgph. on LHS, continuing to end of the pgph. on RHS)

Vanek: 7-26

2.Sub-balances of the Balance of Payments and Measures of Balance-of-Payments Disequilibrium

RB: 223-237 (exclude point 1 on p. 236), 241 (begin after item 63) - 242, 347 (begin with first pgph. on RHS) - 348 (end just above first pgph. on LHS), 376 (beginning with "The Monetary Base and the Money Supply Multiplier" on LHS, ending just above last pgph. on RHS), 378 (beginning with last pgph. on RHS) - 381 (to end of page)

Haberler: 30 (beginning with last pgph.)-31 (ending with line 5)

Yeager: 43-45 (end just before last pgph. on LHS), 46-54, 584 (beginning with 2nd pgph. on RHS) - 586 (ending just above 2nd pgph. on LHS)

Vanek: 26-28

KO: 3-4

C. P. Kindleberger, "Measuring Equilibrium in the Balance of Payments,"Journal of Political Economy, Vol. 77, No. 6 (November/December 1969), 873-891.

3. International Investment Position

RB: 243-257, 263 (points 1-6)

Vanek: 28-30

B. National Accounts

RB: 4-5, 265-287

Haberler: 31 (beginning with first pgph.)-33

Yeager: 45-46

Vanek: 31-44

II. THE FOREIGN-EXCHANGE MARKET

A. Institutional Features

RB: 11-15, 17-18, 19 (beginning with line 6 on RHS) - 25, 45-46 (points 1-3 in "Summary")

Yeager: 13-15, 20-24 (ending with line 24 on LHS, but also read first and only complete pgph. on RHS)

Vanek: 56 (first pgph.)

B. Demand-and-Supply (Partial, Flow) Analysis and Exchange Rate Systems

RB: 49-59, 70-71 (ending just above first pgph. on LHS), 71 (beginning with last pgph. on RHS) - 72 (ending just above first pgph. on RHS), 75 (points 1-6 in "Summary"), 347 (beginning with first pgph. on RHS) - 348 (ending just above first pgph. on LHS), 234 (beginning with first pgph. on LHS) - 236, 236-237 (point 5 in "Summary"), 619-620 (ending just above last pgph. on LHS), 629-630, 636-637 (points 4-6)

Yeager: 15-20, 24 (beginning with last pgph. on RHS) - 26, 53 (beginning with pgph. on LHS, ending just above first pgph. on RHS), 93 (first pgph. on LHS), 391 (beginning with last pgph. on RHS) - 392

Vanek: 56 (beginning with 2nd pgph.)-58, 60-65







III. THE BALANCE-OF-PAYMENTS ADJUSTMENT PROCESS

A. Introduction to the Adjustment Process

1. Determinants of the Current-Account and Capital-

Account Balances

a. Current Account

RB: 261 (beginning with "Nominal and Real Exchange Rates") - 262 (ending with line 4 on RHS), 335- 337

b. Capital Account

RB: 349-351 (ending just above last pgph. on LHS), 368 (point 10), 382-385 (ending just above first pgph. on RHS)

2. Meaning of the Adjustment Process

Yeager: 54-56, 67

Vanek: 47 (beginning with last pgph.) - 48 (ending after first complete pgph.)

B. Automatic Adjustment Under Fixed Exchange Rates

1. Monetary Base, Money Supply, Balance of Payments,

International Reserves: Formal Relationships and Monetary Systems

RB: 373, 376-382, 391 (beginning with last pgph. on RHS) - 392 (ending with line 14 on LHS), 392 (lines 20- 30)--from "That is..." to "-CBC"), 419 (point 2), 619 (beginning with last pgph. on RHS) - 621, 623 (beginning with last pgph. on RHS) - 624 (ending just before first pgph. on LHS)

Yeager: 57-66

2. Price-Level (Price Specie-Flow) Mechanism

Yeager: 68-69

Vanek: 48 (beginning with 2nd of last pgph.)-49 (ending with line 13)

RB: 623 (beginning with line 9 under "21-4. THE MACROECONOMIC PERFORMANCE OF THE GOLD STANDARD," ending just above last pgph. on RHS)

3. Monetary Mechanism

Yeager: 69-70

RB: 341-346, 385-391, 419 (points 1, 3, 4 [to last line on page])

4. Tradable/Nontradable Relative-Price Effects

Yeager: 70 (ending just above first pgph. on RHS)

5. Adjustment in Subsidization

Yeager: 70 (beginning with first pgph. on RHS) - 72

6. Income Mechanism

Yeager: 72-83, 85-86 (including "Conclusion")

Haberler: 34 (beginning with 2nd of last line)- 35 (ending with line 6), 42-43, 44 (last pgph.)

Vanek: 51 (beginning with 8th of last line) - 52 (ending just above first pgph.), 102-111

RB: 332 (beginning with last pgph. on RHS) - 337, 342- 343 (ending just above first pgph. on RHS), 367 (points 2-3), 424, 404-408 (ending just above first pgph. on LHS), 420 (points 10-11)

7. The Transfer Problem

Haberler: 34 (beginning with line 3)-36 (ending with line 4), 44 (first two pgphs.)

Yeager: 87-92

Vanek: 80-81 (ending with line 4), 102 (first pgph.), 111-118 (ending just above last pgph.)

8. The Monetary Approach

KO: 1 (beginning with 4th of last line)-2 (ending just above first pgph.), 5-10 (ending just above 2nd pgph.), 13 (first pgph.), 17 (beginning with "Economic Growth") - 19, 35, 45-46, 51 (complete pgph., 62-68, 74 (beginning with first pgph., ending with 2nd of last line), 75 (beginning with first pgph.) - 76 (ending with line 8)

RB: 578-587, 594-597 (ending just above last pgph. on RHS), 605-606 (points 2-4, also lines 1-7 of point 7)

9. The Asset Approach

RB: 577-578 (ending just above first pgph. on LHS), 578 (pgph. just above "20.1. THE MONETARY APPROACH TO THE BALANCE OF PAYMENTS"), 590-594, 605 (point 1)











C. Analysis of Devaluation

1. Price Effects and Stability of the Foreign-Exchange Market (the "Elasticities Approach")

a. Analysis

Vanek: 62 (beginning with 2nd pgph.) - 63 (ending with line 8), 65-80

The Foreign-Exchange Market, notes prepared by Professor Officer

Haberler: 36 (beginning with last pgph., but exclude note 12) -41 (ending with line 16)

Yeager: 16 (beginning with first pgph. on LHS) - 17 (ending just before first pgph. on LHS), 93-94, 158-164, 169-172 (ending just above "Challenges to the elasticities analysis: the absorption approach"), 201-204 (ending just above first complete pgph. onRHS)

RB: 337-341, 402-404, 420 (point 9), 365-366 (ending just above first pgph. on RHS), 367 (points 4-5)

b. Criticisms

Vanek: 66 (first and second pgphs.)

Haberler: 36-37 (note 12)

Yeager: 17 (beginning with last pgph. on LHS) -

19, 166 (beginning with "Secondary effects: price levels") - 168 (ending just above "Perverse elasticities under free and under fixed exchanges"), 172 (beginning with "Challenges to the elasticities analysis: the absorption approach," ending just above first pgph. on RHS), 177-178

2. Incorporation of Income Effects

Yeager: 164 (beginning with last pgph. on LHS)- 165 (ending just above first pgph. on LHS), 165 (lines 3-12 on RHS)

Vanek: 124 (beginning with last pgph.) - 133

RB: 399-400 (ignore last 10 lines on LHS of p. 399), 408 (beginning with first pgph. on LHS, ending just above "14.10. STERILIZATION OPERATIONS AND PERFECT CAPITAL MOBILITY"), 420 (point 12)









3. The Absorption Approach

a. Implications of Income-Absorption Relationship

Haberler: 34 (first pgph.), 39 (first pgph.), 41 (lines 16-23)

Yeager: 164 (first pgph. under "Secondary

effects: income changes"), 172 (beginning with first pgph. on RHS) - 173 (ending with line 13)

b. Direct Effects on Absorption

Yeager: 165 (beginning with first pgph. on LHS, ending with line 3 on RHS), 165 (beginning with line 12 on RHS) - 166 (ending just before "Secondary effects: price levels"), 173 (beginning with line 13) - 176

RB: 400-402

4. The Monetary Approach

KO: 13 (first pgph.), 15-16, 17 ("Effects on Commodity Markets"), 72-73 (ending just above first pgph.)

RB: 587-588 (ending just above last pgph. on RHS), 606 (point 5), 608-609 (ending just above last pgph. on LHS), 610 (beginning with pgph. on RHS) - 611

D. Policies for Internal and External Balance

1. Introduction: Theory of Economic Policy

Vanek: 313-322 (ending just before 3rd pgph. in Section 17.4), 324-325 (list of variables)

2. Policy Goals: Internal Balance, External Balance,

Balance-of-Payments Composition

Yeager: 96 (first pgph. under "Expenditure and price policy for internal and external balance")

RB: 394 (lines 2-26 on RHS)













3. Categorization of Policies: Expenditure-Reducing

(Expenditure or Expenditure-Adjusting Policy) and Expenditure-Switching (Price Policy)

Yeager: 96 (beginning with last pgph. on RHS)-97 (ending just before "Expenditure policy alone")

Johnson, International Trade, 161 (beginning with

first pgph.)-163 (ending just above last pgph.)

Johnson, Money, 19 (beginning with first complete pgph.)-20 (ending with 7th of last line)

4. Policy Conflicts

Yeager: 97-102

RB: 391 (ending just above pgph. on RHS)

5. Assignments of Expenditure Policy and Price Policy

Yeager: 102-104 (ending just above "Exchange rates and quasi flexibility of wages and prices"), 116 (first pgph. under "Conclusion")

6. Lessons of the Absorption Approach

Johnson, Money, 20 (beginning with 2nd pgph.) - 22 (ending just above first pgph.)

Johnson, International Trade, 163 (beginning with

last pgph.)-167 (ending just abovefirst pgph.)

7. Effectiveness of Monetary and Fiscal Policy, Separately Considered, in Achieving Internal and External Balance

a. Digression: The Various Degrees of Capital Mobility

RB: 382-385

Yeager: 194 (last pgph. on RHS)

b. Under Zero (or Interest-Inelastic) Capital

Movements

i. Macroeconomic Equilibrium

RB: 420 (point 6), 331-335 (ending just above last pgph.), 341-346, 367 (points 1-3, 6-8), 382-384 (ending just above first pgph. on LHS), 384 (beginning with 2nd pgph. on LHS, ending with 4th of last line on LHS), 385 (beginning with first pgph. on RHS) - 391



ii. Monetary Policy

RB, FIRST EDITION: 214-216, 221 (point 6)

RB: 391-392, 419-420 (points 4-5)

Yeager: 194 (beginning with 2nd pgph. on LHS, ending with 2nd of last line on LHS), 199 ("Monetary-fixed-zero")

iii. Fiscal Policy

RB, FIRST EDITION: 216-218, 221 (point 6)

Yeager: 194 (beginning with 2nd of last line on LHS, ending just above first pgph. on RHS), 198 ("Fiscal-fixed-zero")

c. Under Perfect Capital Mobility

i. Macroeconomic Equilibrium

RB: 384 (lines 7-20 on LHS), 385 (beginning with 2nd pgph. on LHS, ending just above first pgph. on RHS), 392-395, 420 (point 7)

ii. Monetary Policy

RB: 395-396, 420 (lines 1-8 in point 8)

Yeager: 200 ("Monetary-fixed-perfect")

iii. Fiscal Policy

RB: 396-398, 408-409, 420 (lines 9-12 in point 8)

Yeager: 199-200 ("Fiscal-fixed-perfect")

d. Under Imperfect Capital Mobility

i. Macroeconomic Equilibrium

RB: 384 (beginning with first pgph. on LHS) - 385 (ending just above 2nd pgph. on LHS), 409 (lines 1-17 under "14.11 IMPERFECT CAPITAL MOBILITY AND MONETARY POLICY")

ii. Monetary Policy

RB: 409 (beginning with last pgph. on RHS) - 410, 421 (point 13))

iii. Fiscal Policy

RB: 414-415 (ending just above last pgph.), 421 (point 14)

e. The Monetary Approach

KO: 10 (beginning with 2nd pgph.) - 12, 13 (first two pgphs.), 15 (first pgph.), 51 (pgph.), 52- 60 (ending just before "Effect of the Money Supply"), 74 (lines 3-6 in point 2 [3rd pgph.])

RB: 589-590, 597 (beginning with last pgph.) - 600 (ending just above first pgph. on LHS), 606 (points 6-8), 609 (beginning with last pgph. on RHS) - 610 (ending just above pgph. on RHS), 410-414, 656 ("World Inflation and Global Monetarism"), 674 (point 10)



8. "Keynesian" Analysis of Devaluation under the Various Degrees of Capital Mobility

RB: 386 (last pgph. on LHS), 399 (LHS of page)



9. Separation, and Joint Use, of Monetary and Fiscal

Policy as a Solution to Inconsistent (Dilemma) Situations

a. Technique

Yeager: 118 (ending just above last pgph. on RHS)

RB: 415 (beginning with last pgph. on RHS) - 417

b. Shortcomings

Yeager: 118 (beginning with last pgph. on RHS) - 119

RB: 417-419, 421 (point 15)

Richard N. Cooper, "Comment: The Assignment

Problem," in MS, 235-240 (ending with 8th line in last pgph.)

10. "Operation Twist" as a Solution to Inconsistent

(Dilemma) Situations

Vanek: 332 (last pgph.), 333 (2nd complete pgph.)

Yeager: 569 (beginning with last line on LHS, ending with line 13 on RHS)













11. Digression: The Forward Exchange Market

a. Institutional Features

RB: 15-19 (ending with line 6 on RHS), 25-27, 31 (beginning with line 3 on LHS) - 45, 46 (points 4, 7, 8)

Vanek: 58 (first two pgphs. in section 5.2)

Yeager: 24 (beginning with first pgph.on LHS, ending just before last pgph. on RHS), 26-27 ("Forward exchange")

b. Interest-Rate Parity

i. Derivation of Interest-Rate Parity

Vanek: 58 (beginning with last pgph.)-60 (ending just before first pgph.)

RB: 102 (beginning with first pgph. on RHS) - 109, 126 (points 1-6)

Yeager: 27-28

ii. Deviations from Interest-Rate Parity

RB: 109-123, 126-127 (points 7-11)

Vanek: 58 (3rd pgph. in Section 5.2), 60 (first pgph.)

Yeager: 28-31, 264-266 ("Forward rates under pegged spot rates")

Lawrence H. Officer and Thomas D. Willett,

"The Covered-Arbitrage Schedule: A Critical Survey of Recent Developments," Journal of Money, Credit and Banking, II, No. 2 (May 1970), 247-255.

c. Uncovered Interest-Rate Parity

RB: 128-143

d. Exchange-Market Efficiency and Exchange-Rate Forecasting

RB: 27-31 (ending with line 2 on LHS), 46 (points 5-6), 145-162

12. Forward-Exchange-Rate Policy to Achieve Internal and

External Balance

Yeager: 119-123

13. Exchange Control

Johnson, Money, 20 (second complete pgph.), 22 (first complete pgph.), 24 (beginning with first complete pgph.)-27

Johnson, International Trade, 163 (beginning with first complete pgph.)-164 (ending just before 3rd complete pgph.), 167 (beginning with first complete pgph.)-168 (ending just before last pgph.)

Vanek: 288-293

KO: 16-17 ("Tariffs, Quotas, and Exchange Control")

RB: 56 (beginning with first pgph. on RHS) - 57, 78-97, 588 (beginning with last pgph. on RHS) - 589 (ending just above "20-5. MONEY, BUDGET DEFICITS AND THE BALANCE OF PAYMENTS")

Yeager: 135-152, 204 (beginning with first pgph. on RHS) - 207, 644 (first pgph.)

14. Reconciliation of Elasticities, Absorption and

Monetary Approaches

KO: 1 (lines 1-11), 72 (first pgph.), 73 (beginning with first pgph.)-74 (ending just above first pgph.)

RB: 602-605

E. Freely Floating Exchange Rates

1. Balance-of-Payments Adjustment

Yeager: 93-94

RB: 348 (beginning with first pgph. on LHS) - 351, 365- 366 (ending just above first pgph. on LHS), 368 (point 9)

2. Equivalence of Free Float and Price-Level Mechanism

Haberler: 33-34 (ending with line 2), 36 (first pgph.)

Yeager: 94-96, 168 (beginning with "Perverse

elasticities under free and under fixed exchanges")-169 (ending just above first pgph. on LHS), 204 (lines 1-14 in first pgph. on RHS)

Vanek: 49 (lines 1-3 in first pgph.)

3. Effectiveness of Monetary and Fiscal Policy

a. Under Perfect Capital Mobility

i. Output and Exchange-Rate Determination

RB: 349-350 (ending just above first pgph. on LHS), 350 (beginning with last pgph. on RHS) - 353, 366 (beginning with first pgph. on RHS) - 367, 368 (points 10-11)





ii. Effects of Monetary Policy

RB, FIRST EDITION: 256-257

RB: 360-361, 369 (lines 1-8 in point 15)

Yeager: 198 ("Monetary-free-perfect")

iii. Effects of Fiscal Policy

RB: 353-354 (ending just above first pgph. on RHS), 368-369 (point 12)

Yeager: 197-198 ("Fiscal-free-perfect")

iv. Effects of Real Disturbances

RB: 354 (beginning with pgph. on RHS) - 357, 369 (points 13-14)

b. Under Imperfect Capital Mobility

i. Output and Exchange-Rate Determination

RB: 349 (beginning with 4th of last line on LHS, ending with 15th line on RHS), 350 (beginning with first pgph. on LHS, ending just above pgph. on RHS), 362-364 (ending just above first pgph. on LHS)

ii. Effects of Monetary Policy

RB: 364 (beginning with first pgph. on LHS, ending just above first pgph. on RHS)

iii. Effects of Fiscal Policy

RB: 364 (beginning with first pgph. on RHS) - 365, 369 (point 16)

c. Under Zero (or Interest-Inelastic) Capital Movements

i. Output and Exchange-Rate Determination

RB: 366 (beginning with first pgph. on RHS) - 367

Yeager: 195 (beginning with line 5, ending just above first pgph.)

ii. Effects of Monetary Policy

Yeager: 197 ("Monetary-free-zero")

iii. Effects of Fiscal Policy

Yeager: 196-197 ("Fiscal-free-zero")

4. Comparison of Effectiveness of Monetary and Fiscal

Policies Under Fixed and Floating Exchange Rates

Yeager: 194 (first pgph. on LHS), 194 (beginning with 2nd of last line on RHS) - 195 (ending with line 5 on LHS), 195 (beginning with first pgph. on LHS) - 196 (ending just above first pgph. on LHS), 200 ("Conclusion about policies")

5. Insulation from Foreign Disturbances

RB: 357-359, 369 (point 17)

6. Precursors of the Asset Approach

a. Limitations of the Flow Model of Exchange-Rate

Determination

RB: 51 (footnote 1)

Douglas K. Pearce, "Alternative Views of Exchange-Rate Determination," Federal Reserve Bank of Kansas City Economic Review (February 1983), 21-23. (Cited as "Pearce.")

b. Purchasing Power Parity

Haberler: 45-51

Vanek: 82-85

Yeager: 210-230

RB: 138-139 (ending just above last pgph. on LHS), 143 (point 5), 338 (beginning with line 5 on LHS) - 339 (ending just above first pgph. on LHS), 553 (beginning with first pgph. on RHS, ending just above last pgph. on RHS), 555 (beginning with 2nd pgph. on RHS) - 557 (ending just above last pgph. on RHS), 561 (ending with line 16 on RHS; ignore 4 lines above pgph. on LHS), 609 (beginning with last pgph. on LHS, ending just above last pgph. on RHS)

c. The Monetary Approach

KO: 20-27, 47-50 (ending just after first

pgph.), 60-61 ("Effect of the Money Supply"), 13-14 (skip 2nd pgph. on p. 13), 69-71, 76 (last two pgphs.)

RB: 552 (beginning with last pgph. on LHS, ending with 5th line in last pgph. on RHS), 553-555 (ending just above 2nd pgph. on RHS), 557 (beginning with last pgph. on RHS) - 560, 571- 573, 573-574 (points 1, 2, 3 [end with line 11 on LHS of p. 574], 9)

Pearce: 24 ("Monetary model")

d. Currency Substitution

RB: 552 (last 6 lines in first pgph. on RHS), 564, 574 (points 5-6)

7. The Asset Approach to Exchange-Rate Determination

RB: 551-552 (skip first pgph. on RHS of p. 552), 564 (beginning with "19-6. EXCHANGE RISK AND THE PORTFOLIO BALANCE APPROACH") - 570 (omit pgph. above "19-8. IS THE EXCHANGE RATE A RANDOM WALK?" on LHS of p. 569), 574 (points 4, 7-8)

Pearce: 24-26 ("Portfolio-balance model")

IV. THE INTERNATIONAL MONETARY SYSTEM

A. Problems of an International Monetary System

1. Introduction

RB: 615-616

Yeager: 611-612

Robert A. Mundell, "Problems of the International

Monetary System," in MS, 22-23 ("Liquidity, Adjustment, and Confidence")

2. The Demand for Reserves and the Liquidity Problem

OW: 20-21 (ending just above 2nd pgph.), 31 (note 3),

88 (beginning with first pgph.) - 90 (ending just above last pgph.)

RB: 73-75, 76 (point 11)

Fritz Machlup, The Need for Monetary Reserves,

Reprints in International Finance No. 5, October 1966, International Finance Section, Princeton University

Yeager: 612-613, 624-626

Mundell, "Problems of the International Monetary

System," in MS, 23-25 (ending with 2nd line), 25 (beginning with last pgph.)-27 (ending with 3rd line)

3. The Official Confidence Problem

Mundell, "Problems of the International Monetary

System," in MS, 33-34 (ending just before last pgph.)

4. The Private Confidence Problem

RB: 578 (beginning with first pgph. on LHS, ending just above first pgph. on RHS), 600 (beginning with first pgph. on LHS) - 602, 606 (point 9)

5. The Adjustment Problem

a. Techniques of Adjustment

Mundell, "Problems of the International Monetary

System," in MS, 27 (beginning with 2nd pgph.) - 29 (ending just above first pgph.)

Yeager: 66-67

b. Who Should Adjust?

Mundell, "Problems of the International Monetary

System," in MS, 27 (first pgph.), 29 (beginning with first pgph.)-31, 36-37 ("The Speed-of-Adjustment Problem," "The Redundancy Problem")

OW: 27 (beginning with 3rd pgph.), 85 beginning with pgph. under Kenen quote) - 86 (ending with line 3), 86 (beginning with last pgph.) - 87, 91 (notes 6-7)

Yeager: 106-107 (ending just above last pgph.

on RHS)

Mundell, "The Proper Division of the

Burden of International Adjustment," in International Economics (New York: The Macmillan Company, 1968), 187-198

6. The Seigniorage Problem

RB: 71 (beginning with pgph. on LHS, ending just before first pgph. on RHS)

Mundell, "Problems of the International Monetary

System;" Herbert G. Grubel, "The Distribution of Seigniorage from International Liquidity Creation," with comment and discussion; and Harry G. Johnson, "Appendix: A Note on Seigniorage and the Social Saving from Substituting Credit for Commodity Money," in MS, 25 (first pgph.), 37 ("The Seigniorage Problem"), 269-275, 281 (beginning with Section VII)-282 (ending with line 2), 305 (first pgph.), 313-315 (ending just above first pgph.), 316 (beginning with last pgph.)-317 (ending just above first pgph.), 317 (last pgph.), 323-327 (ending just above first pgph.)











B. Systems Involving Fixed or Adjustably-Pegged Exchange

Rates

1. The IMF (Bretton Woods, Adjustable-Peg, Reserve- Currency) System [Gold-Exchange Standard]

a. Description of the System and Institutions

Outliving the System

i. The International Monetary Fund

Yeager: 390-394 (ending just above last pgph. on LHS), 401-406

RB: 629-630, 668-670

OW: 12-14 (ending just above first pgph.)

ii. Role of the Dollar

RB: 70-71 (ending just above first pgph. on LHS), 71 (beginning with first pgph. on RHS) - 73

OW: 26 (beginning with "THE DOLLAR: GOOD AS GOLD?"), 33-34 (ending just above last pgph.)

iii. Special Drawing Rights

Yeager: 396-399

RB: 631 (beginning with pgph. on RHS) - 632 (ending with line 2 on LHS)

b. Problems of the System

i. The Liquidity Problem

OW: 15 (first pgph.), 24-25, 31-32 (notes 7-10)

ii. The Official Confidence Problem

OW: 15 (last pgph.), 26 (beginning at top of page)-30 (ending with 2nd of last line), 32 (notes 11-15)

Yeager: 613 (beginning with "Gold") - 617 (ending just above "Capital movements"), 574 (beginning with 2nd of last line on RHS) - 575 (ending just above pgph. on LHS)

RB: 632-633 (ending just above last pgph. on RHS), 637 (point 7)



iii. The Private Confidence Problem

OW: 14-15 (point 2), 16 (last pgph.), 22-24, 31 (notes 4-5)

Yeager: 248-250, 264-266 ("Forward rates under pegged spot rates"), 278- 282 (ending just above "The dual purpose of exchange equalization accounts")

iv. The Adjustment Problem

(I) Techniques of Adjustment

OW: 14 (point 1), 79-82, 91 (notes 1- 2)

Yeager: 644 (lines 3-11 on RHS)

(II) Who Should Adjust?

OW: 21 (beginning with 2nd pgph.) - 22, 27, 84-88 (ending just above first pgph.), 90 (beginning with last pgph.)-91, 91 (notes 6-8), 220-221 (Mundell quotation)

RB: 633 (beginning with last pgph. on RHS) - 635 (ending just above last pgph. on LHS), 636 (first pgph. on LHS), 637 (point 8)

Yeager: 107 (beginning with last pgph. on RHS)-109 (ending just above last pgph. on LHS), 110-112 (ending just above last pgph.), 116 (beginning with 2nd pgph. under "Conclusion")-116 (ending with 2nd of last line), 617-618 ("Capital movements")

v. The Seigniorage Problem

RB: 635 (footnote 20)

Mundell, "Problems of the International

Monetary System," and Grubel, "The Distribution of Seigniorage from International Liquidity Creation," in MS, 25 (2nd pgph.), 277 (beginning with 2nd of last pgph.) - 278 ending just above first pgph.)

vi. The Collapse of the Bretton Woods System

RB: 630-631 (ending just above pgph. on RHS), 632 (beginning with line 3 on LHS, ending just above "21-8. THE BRETTON WOODS SYSTEM: WHY DID IT FAIL"), 637 (point 9)

2. The Gold Standard and Raising the Price of Gold

RB: 619-628, 635 (beginning with last pgph. on LHS) - 636 (ending just above first pgph. on LHS), 636 (points 4-5), 672 (beginning with pgph. on LHS, ending with line 3 on RHS)

OW: 21 (beginning with 2nd pgph.)-22 (ending with line 2), 79 (beginning with last pgph.) - 80 (ending just above 2nd pgph.), 91 (note 2), 141 (first pgph.), 218 (2nd and 3rd pgphs.), 219 (2nd pgph.), 230-231 (note 6)

Yeager: 619-620 ("Raising the price of gold"), 629-633 (ending just before "Commodity reserve money"), 248 (lines 7-18 under "Speculation under pegged exchange rates"), 107 (beginning with last pgph.on RHS) - 108 (ending just above first pgph. on LHS), 109 (beginning with last pgph. on LHS), 112 (beginning with last pgph. on RHS) -113, 116 (beginning with 2nd pgph. under "Conclusion") - 117 (ending with line 4)

Mundell, "The Proper Division of the Burden of

International Adjustment," in International Economics, 192 (beginning with last pgph.)- 194 (ending just above "Normative Aspects of the Relative Size Criterion")

3. A Commodity-Reserve Standard

Yeager: 633-634 ("Commodity reserve money")

Grubel, "The Distribution of Seigniorage from

International Liquidity Creation," and Johnson, "Appendix: A Note on Seigniorage and the Social Saving from Substituting Credit for Commodity Money," in MS: 277 (lines 6-11 in Part V), 327 (lines 8-13 in last pgph.)

4. A Dollar Standard

OW: 217 (beginning with last pgph.)-218 (ending just above first pgph.), 219 (beginning with 3rd pgph.)-220 (ending just above first pgph.)

Yeager: 622 (beginning with "A dollar standard") - 624 (ending with line 1)

5. Multiple Reserve Currencies

RB: 672 (beginning with last pgph.) - 673 (ending with line 2 on LHS)

6. An International Central Bank and Counterproposals

OW: 216 (beginning with last pgph.)-217 (ending just before last pgph.)

Yeager: 620-621 ("The Triffin Plan," "Early

counterproposals")

Grubel, "The Distribution of Seigniorage from

International Liquidity Creation," in MS: 278 (beginning with last pgph.) - 279

7. An SDR Standard and the "Link"

RB: 672 (first pgph. on RHS)

Yeager: 621-622 ("Further development of Special

Drawing Rights"), 624 (beginning with line 1, ending just above "Liquidity on two levels")

Grubel, "The Distribution of Seigniorage from

International Liquidity Creation," with comment and discussion, and Johnson, "Appendix: A Note on Seigniorage and the Social Saving from Substituting Credit for Commodity Money," in MS: 275-277 (Part IV), 278 (first pgph.), 280-281, 282 (first pgph.), 305 (beginning with last pgph.)-307, 315 (beginning with first pgph.)-316 (ending just above last pgph.), 317 (first pgph.), 327 (beginning with first pgph.) - 329

C. Freely Floating Exchange Rates

1. Effective Exchange Rate

RB: 257-261 (ending just above "Nominal and Real Exchange Rates"), 262 (beginning with first pgph. on RHS) - 263 (ending just above "Summary"), 263 (points 7-8)

2. Exchange-Rate Expectations and Economic Policy

RB: 425-442, 445-446 (ending just above first pgph. on LHS), 452-455, 455-456 (points 1-6, 10, 12- 13), 561 (beginning with line 16 on RHS) - 563, 574 (lines 11-17 on LHS)

3. Advantages and Disadvantages of the System

RB: 357-359 (to end of page), 369 (point 15), 659- 660, 671 (beginning with 2nd pgph. on LHS, ending with line 10 on RHS), 674 (points 12-13)

Raymond F. Mikesell and Henry N. Goldstein, Rules for a Floating-Rate Regime. Essays in International Finance No. 109, April 1975. International Finance Section, Princeton University. Princeton, New Jersey (cited as "Mikesell-Goldstein"), 4-5 ("No official intervention")

Yeager: 104-106 ("Exchange rates and quasi flexibility of wages and prices"), 113-116 ("Fluctuating exchanges"), 116 (lines 10-16 under "Conclusion"), 117 (lines 4-9), 626- 628, 636-643

D. Managed Float

1. Individual-Country Perspective

RB: 51 (first pgph. on LHS), 58 (beginning with first pgph. on RHS) - 59 (ending with line 2 on LHS), 59 (beginning with last pgph. on LHS, ending just above "2-3. ECONOMIC INTEGRATION AND THE EUROPEAN MONETARY SYSTEM: SOME BACKGROUND"), 72 (beginning with first pgph. on RHS) - 73, 73 (beginning with last pgph. on LHS) - 75, 75 (lines 1-3 of point 7), 361 (beginning with "Competitive Depreciations and Policy Conflict in the World Economy," ending with last line on page), 369 (point 15), 373 (lines 5-20 on LHS), 374-375, 443-444, 446-447, 448-452, 456 (points 9, 11), 569 (pgph. above "19-8. IS THE EXCHANGE RATE A RANDOM WALK?")

Yeager: 282 (beginning with "The dual purpose of exchange equalization accounts") - 292, 648- 649 ("Managed floats")

KO: 11 (first pgph.)

Mikesell-Goldstein: 2 (ignore last sentence in first pgph) - 3 (ending just above first pgph.)

Wilfred Ethier and Arthur I. Bloomfield, Managing the Managed Float. Essays in International Finance, No. 112, October 1975. International Finance Section, Princeton University. Princeton, New Jersey (cited as "Ethier-Bloomfield"), 2 (beginning with last pgph.) - 3 (ending just above first pgph.)



2. Policy Co-operation

RB: 59 (beginning with line 2 on LHS, ending with 3rd of last line on LHS), 75-76 (point 7), 361 (beginning with last pgph. on RHS) - 362, 442- 443, 447 ("Coordinated Versus Unilateral Intervention"), 456 (points 7-8), 640-645, 647- 649, 671 (beginning with line 10 on RHS) - 672 (ending just above first pgph. on LHS), 673-674 (points 1-5, 7)

KO: 26-27 (ending just above first pgph.)

Ronald I. McKinnon, "Currency Substitution and Instability in the World Dollar Standard," American Economic Review, Vol. 72, No. 3 (June 1982), 320-333

3. Proposals for Reform

Mikesell-Goldstein: 5-12

Ethier-Bloomfield: 3 (first pgph.), 5-21

Paula A. Tosini, Leaning Against the Wind: A Standard for Managed Floating. Essays in International Finance No. 126, December 1977. International Finance Section, Princeton University. Princeton, New Jersey, 1-2, 7-26.

E. Rigidly Fixed Exchange Rates

1. International vs. Interregional Adjustment

Meade: 251-260

Yeager: 83-85 ("Interregional adjustments"), 169

(first pgph. on LHS)

Tibor Scitovsky, "The Theory of Balance-of-Payments

Adjustment," with comments by Haberler and Cooper, Journal of Political Economy, Vol. 75, No. 4, Part II (August 1967), 523-534 (ending just before 2nd pgph. on LHS), 540-541 (ending just above first pgph. on RHS)

2. Optimum Currency Areas

RB: 663-665, 674 (points 8-9)

Yeager: 124-134

3. Monetary Integration

RB: 61 (beginning with line 15 on RHS) - 62 (ending just above first pgph. on LHS)

Yeager: 634-636

W. M. Corden, Monetary Integration. Essays in

International Finance No. 93, April 1972. International Finance Section, Princeton University. Princeton, New Jersey.

4. European Monetary Union

Yeager: 424-425 ("Exchange rates within the European Community"),

RB: 59-70, 76 (points 8-9), 373 (lines 15-28 on LHS), 649-654, 661-663, 673-674 (point 6)

Barry Eichengreen, "European Monetary Unification," Journal of Economic Literature, Vol. XXXI, No. 3 (September 1993), 1321-1357.













































































A BALANCE OF PAYMENTS TABLE


Credits Debits Inpayments Outpayments Receipts Payments

Supply of Demand for

Foreign Exchange Foreign Exchange

Demand for Supply of

Domestic Currency Domestic Currency

_________________________________________________________________

I. Current Account [Goods and Service Account--official statistics]

A. Merchandise (Goods)

B. Services

1. Tourist Expenditure

2. Transportation and Insurance

3. Interest and Dividends

4. Military Expenditure

5. Other

II. Unilateral Transfers

A. Government (Foreign Aid)

B. Private

III. Capital Account

A. Long-Term

1. Private

a. Portfolio

b. Direct

2. Government

B. Short-Term

1. Private

a. Assets Abroad

b. Liabilities to Private Foreigners

2. Government

a. Assets Abroad (Holdings of Foreign Exchange)

b. Liabilities to Foreign Governments and Central Banks

IV. Monetary Gold

V. Errors and Omissions (Net)





(I. and II. constitute the Current Account in official statistics.)


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