A New International Monetary System for the Future

  • Carlos Massad


The discussions about the reform of the international monetary system dominated internal debates at the IMF during the first part of the seventies. They also consumed great analytical and political efforts at the time, leading nowhere. By 1975, interest in reform was fading and attention was being directed to surviving with the existing state of affairs. Now, close to commemorating 50 years since the creation of the postwar monetary arrangements, interest in reform is coming back, as the IMF is now really becoming a global institution and as experience gained in the last 15 years shows that even imperfect cooperation in the monetary and adjustment fields is clearly more productive than open confrontation.


Exchange Rate Exchange Rate Change International Liquidity Adjustment Policy External Account 
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    The proposals made, the negotiations and the debate which led to the final agreement are well described in Horsefield, Y. Keith, The International Monetary Fund 1945–1965 (Washington, DC: International Monetary Fund, 1969).Google Scholar
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    See, for example: Holtrop, M. W. (President of the Netherlansche Bank), ‘Method of monetary analysis used by the Netherlanche Bank’, in Recent Developments in Monetary Analysis, Washington, DC, IMF Staff Papers, Vol. V, no. 3, February 1957. Also, Polak, J. J., ‘Monetary analysis of income formation and payments problems’, IMF Staff Papers, Vol. VI, no. I, November 1957.Google Scholar
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© North South Roundtable 1995

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  • Carlos Massad

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