The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

International Monetary Institutions

  • Stanley W. Black
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1131

Abstract

International monetary institutions are required to support payments arrangements between countries with different currencies and exchange rate arrangements. Reserve assets and adjustment and financing mechanisms are provided to assist markets in balancing conflicting objectives including economic growth and price stability, growing international trade and payments, and convertibility of currencies at reasonably stable exchange rates. The evolution of the Bretton Woods system has proceeded through floating exchange rates, increased capital mobility, financial crises, and various reform proposals. The development of regional monetary institutions has led to creation of the European Monetary Union and some steps towards increased Asian monetary cooperation.

Keywords

Asian Development Bank Association of South East Asian Nations (ASEAN) Bretton Woods system Capital controls Competitive devaluation Conditionality Convertibility European Central Bank European Currency Unit (ECU) European Monetary System (EMS) European Monetary Union (EMU) European Payments Union Exchange rate risk Fixed exchange rates Flexible exchange rates Foreign exchange controls General Arrangements to Borrow (IMF) Gold exchange standard Gold standard Inflation International financial adjustment International liquidity International Monetary Fund International monetary institutions International reserves Maastricht Treaty (EU) Monetary policy Pegged exchange rates Political risk Reserve assets Smithsonian Agreement (1971) Special drawing rights (SDRs) Stability and Growth Pact (EU) Tchebychev’s inequality Triffin, R. 

JEL Classifications

F3 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Stanley W. Black
    • 1
  1. 1.