The New International Monetary System Essays in Honor of Alexander Swoboda
The New International Monetary System brings together twelve original contributions by leading scholars and practitioners to a conference convened in May 2008 on the occasion of the retirement of Alexander Swoboda. The contributions are arranged in three main parts. Part I deals with the international financial architecture, Part II examines the ever-controversial role of exchange rate regimes and Part III takes stock of the conduct of monetary policy and the challenges posed by the inflation-targeting strategy. The chapters provide considered assessments of virtually all the hotly debated issues that concern monetary policies seen from an international perspective.
Edited by and with an introduction from Charles Wyplosz, the collection includes contributions from some of the key international figures in the field of monetary policy, central banking and exchange rate regimes to discuss contemporary international monetary issues. Contributors include Michael Bordo, Barry Eichengreen, Ronald McKinnon and Charles Goodhart. The volume also contains tributes from Paul Volcker and Jean-Pierre Roth.
Introduction Charles Wyplosz Part I: How has the IMF changed? 1. The Long-running Quest for IMF Reforms Michael Bordo and Harold James 2. The Future of the IMF and of Regional Cooperation in East Asia Yung Chul Park Part II: Exchange rate regimes: old debate, new answers 3. ‘Global Inflation’ and ‘The Proper Use of Policies under Fixed and Flexible Exchange Rates - A Personal Perspective on Two Themes of Alexander’s Research Hans Genberg 4. Financial Stability Under Fixed and Flexible Exchange Rates: A Theoretical Note Olivier Jeanne 5. Exchange Rate Regimes and Capital Mobility: How Much of the Swoboda Thesis Survives? Barry Eichengreen 6. Exchange Rate Regimes and external Adjustment: New Answers to an Old Debate Atish Gosh and Jeronimo Zettelmeyer 7. China’s Exchange Rate Impasse and the Weak US Dollar Ronald McKinnon and Gunther Schnabl Part III: Central banking: a revolution under way? 8. Monetary Policy and Exchange Rates: Theory and Practice Stefan Gerlach and Cédric Tille 9. Central Banks’ Function to Maintain Financial Stability: An Uncompleted Task Charles Goodhart 10. Is Inflation Targeting Passé? Ulrich Kohli 11. It’s What They Do, Not What They Say: How to Infer the Stabilization Objectives of a Central Bank Michael Salemi 12. For the Celebration of Alexander Swoboda upon his Retirement Paul Volcker