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Chapter 19 (8)
International Monetary Systems:
An Historical Overview
◼ Chapter Organization
Macroeconomic Policy Goals in an Open Economy
Internal Balance: Full Employment and Price Level Stability
External Balance: The Optimal Level of the Current Account
Box: Can a Country Borrow Forever? The Case of New Zealand
Classifying Monetary Systems: The Open-Economy Monetary Trilemma
International Macroeconomic Policy under the Gold Standard, 1870–1914
Origins of the Gold Standard
External Balance under the Gold Standard
The Price-Specie-Flow Mechanism
The Gold Standard “Rules of the Game”: Myth and Reality
Internal Balance under the Gold Standard
Case Study: The Political Economy of Exchange Rate Regimes:
Conflict over America’s Monetary Standard during the 1890s
The Interwar Years, 1918–1939
The Fleeting Return to Gold
International Economic Disintegration
Case Study: The International Gold Standard and the Great Depression
The Bretton Woods System and the International Monetary Fund
Goals and Structure of the IMF
Convertibility and the Expansion of Private Capital Flows
Speculative Capital Flows and Crises
Analyzing Policy Options for Reaching Internal and External Balance
Maintaining Internal Balance
Maintaining External Balance
Expenditure-Changing and Expenditure-Switching Policies
