Abstract
It has become fashionable in recent years to call for a reform of the international monetary system. The main reason is that the high hopes put into the system of the 1970s and its actual results have not shown any signs of convergence. Of course, the call for a reform has been heard before. Soon after the establishment of the Bretton Woods system, before many currencies became freely convertible, before the system’s anchor lost its credibility, and before national interests diverged significantly, this topic was already fashionable. The main participants in the discussion at the time were Milton Friedman, Gottfried Haberler, Fritz Machlup and Robert Triffin, to name but a few. Suffice it to say that in the 1940s Ragnar Nurkse analysed the flaws of the international monetary system of the interwar period.
The usual disclaimers apply. The author would like to thank Bernard Cazes, Nortoert KJoten, Dariusz Rosati, Dominick Salvatore, Zhang Yunling and other participants of the workshop for useful comments.
Head, Foreign Research Division, Austrian National Bank.
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© 1989 Wiener Institut für Internationale Wirtschaftsvergleiche (WIIW) (The Vienna Institute for Comparative Economic Studies)
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Hochreiter, E. (1989). Is a New International Monetary Order Needed?. In: Bertsch, G., Saunders, C.T. (eds) East-West Economic Relations in the 1990s. Vienna Institute for Comparative Economic Studies. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-11465-8_14
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