Further Essays in Monetary Economics (Collected Works of Harry Johnson)

Chapter 7

Theoretical Problems of the International Monetary System*

INTRODUCTION

Since 1958, international economists have been greatly concerned with the problem of international monetary reform. Research and writing on this problem has taken one or other of two broad forms. Those economists most concerned with policy have concerned themselves with emphasizing the need for international monetary reform and propounding workable (negotiable) schemes for achieving it. International monetary theorists, on the other hand, have been concerned with the theoretical policy problems of achieving and maintaining balance-of-payments equilibrium in the present international monetary system of fixed exchange rates. They have also become concerned with the ...