New Issues in Regional Monetary Coordination Understanding North-South and South-South Arrangements

by Fritz, Barbara; Metzger, Martina

• ISBN13: 9781403996220
• ISBN10: 1403996229
• Format: Hardcover
• Copyright: 2006-03-03
• Publisher: Palgrave Macmillan

Summary

This book argues for a new conceptual framework that analytically distinguishes between North-South monetary co-ordination, which involves an international key currency, and South-South arrangements between economies all marked by external indebtedness and the resulting macroeconomic instabilities ('original sin'). In this light, the book analyzes different types of monetary co-ordination, ranging from ad hoc exchange rate policy agreements to projects of a common supranational currency, and it examines selected regional cases in Eastern Europe, North and South America, Africa and Asia.

Table of Contents

List of Figures and Tables	vii
Notes on the Contributors	ix
Preface	xiii
Part I Debtor Economies and Perspectives for Regional Monetary Coordination
Monetary Coordination Involving Developing Countries: The Need for a New Conceptual Framework	3	(23)
Barbara Fritz
Martina Metzger
`Original Sin' and Monetary Cooperation	26	(16)
Ugo Panizza
Comment	36	(6)
Waltraud Schelkle
Chances and Limits of South-South Monetary Coordination	42	(17)
Jan Kregel
Comment	54	(5)
Peter Nunnenkamp
Exchange Rate Management in Developing Countries: The Need for a Multilateral Solution	59	(16)
Heiner Flassbeck
Part II Cases of Regional Monetary Coordination
Exchange Rate Policies and Institutional Arrangements in the Transition Process to European Monetary Union	75	(23)
Peter Bofinger
Perspectives for a Monetary Union between Argentina and Brazil	98	(28)
Fernando J. Cardim de Carvalho
Comment	116	(10)
Manfred Nitsch
So Far from God and So Close to the US Dollar: Contrasting Approaches of Monetary Coordination in Latin America	126	(21)
Barbara Fritz
The Common Monetary Area in Southern Africa: A Typical South-South Coordination Project?	147	(18)
Martina Metzger
The CFA Zone: A Positive Example of Monetary Coordination?	165	(23)
Jan Suchanek
Comment on Chapters 8 and 9	177	(11)
Dirk Kohnert
The Advancement of Monetary Regionalism in East Asia	188	(33)
Heribert Dieter
Comment	215	(6)
Beate Reszat
Index	221