Economic Policy, Exchange Rates, and the International System

by Corden, W. Max

• ISBN13: 9780226115917
• ISBN10: 0226115917
• Format: Paperback
• Copyright: 1995-02-01
• Publisher: Univ of Chicago Pr

Summary

An ambitious successor to W. Max Corden's highly acclaimedInflation, Exchange Rates, and the World Economy, this book addresses topics in international macroeconomics that have come to the forefront of economic policy debates in recent years. Covering exchange rate policy, the European Monetary System, protection and competition, and the international "non-system" since the collapse of Bretton Woods, Corden provides a probing analysis of significant economic trends associated with the increasing integration of the world capital market. Beginning with essays on exchange rate policy, the current account, and external effects of fiscal policy, Corden lays out the foundations of balance-of-payments theory in relation to wage rates, income distribution, and inflation. Chapters on the European Monetary System focus on monetary integration and look skeptically at European proposals to move toward monetary union. Other topical essays discuss the "competitiveness" problem and the relation between protection and macroeconomic policy. Corden summarizes and clarifies a vast range of work on the coordination of macroeconomic policies and critically reviews various proposals for reforming the international monetary system.

Table of Contents

List of Figures List of Tables

Abbreviations

Introduction

A Model of Balance-of-Payments Policy

Income Distribution, Wage Rigidity, and Balance-of-Payments Policy

Fiscal Policy, Monetary Policy, and Capital Mobility

Inflation and Exchange Rate Policy

Does the Current Account Matter?

The European Monetary System

Monetary Integration

Maastricht and the Transition to Monetary Union

The International Macro-System

The International Transmission of Disturbances

What Determines Exchange Rates in a Floating Rate Regime?

Macroeconomic Policy Coordination

Macroeconomic Policy and Protection

What Is the Competitiveness Problem?

The Exchange Rate Regime: Choices and Plans

Bibliography

Index of Names

Index of Subjects

Table of Contents provided by Publisher. All Rights Reserved.