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.
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Black, S.W. (2018). International Monetary Institutions. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1131
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1131
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