Combining critical perspectives with a positive contribution to economic policy, both national and international, this book considers the causes and consequences of recent financial crises presenting cutting-edge material.
The editors bring together a number of well-known scholars to offer their views and elaborate on alternative solutions with respect to the Washington Consensus on how to restructure the monetary and financial system in order to avoid financial crises in the future. The book deals with a number of issues, such as the Asian financial crises of the 1990s, exchange rate arrangements, financial liberalization and capital controls. The contributors take a critical approach, providing the elements for a new analysis of monetary and exchange rate issues in the modern world.
Monetary and Exchange Rate Systems will be extremely useful for researchers and policymakers interested in monetary macroeconomics and in the international financial system.
Edited by Louis-Philippe Rochon, Full Professor of Economics, Laurentian University, Canada and Editor Emeritus, Review of Keynesian Economics and Sergio Rossi, Full Professor of Economics, University of Fribourg, Switzerland
Contents: Introduction Louis-Philippe Rochon and Sergio Rossi Part I: Financial Liberalization and Financial Crises 1. International Financial Instability in a World of Currencies Hierarchy Andrea Terzi 2. Dollarization and the Hegemonic Status of the US Dollar Jean-Francois Ponsot 3. Reform and Structural Change in Latin America: Financial Systems and Instability Eugenia Correa and Gregorio Vidal 4. East Asian Monetary and Financial Cooperation: The Long Road Ahead Kok-Fay Chin 5. Does Financial Liberalization Affect the Distribution of Income Between Wages and Profits? Domenica Tropeano 6. Crisis Avoidance: The Post-Washington Consensus Agenda Louis-Philippe Rochon Part II: From Financial Instability to Macroeconomic Performance 7. Reforming the International Payment System: An Assessment Claude Gnos 8. Is There a Role for Capital Controls? Philip Arestis, Jesus Ferreiro and Carmen Gomez 9. Liberalization or Regulating International Capital Flows? Paul Davidson 10. Cross-Border Transactions and Exchange Rate Stability Sergio Rossi 11. To Fix or to Float: Theoretical and Pragmatic Considerations L. Randall Wray 12. Exchange Rate Arrangements and EU Enlargement Jesper Jespersen Index