TY  - JOUR
AU  - Frenkel,Jacob A.
AU  - Goldstein,Morris
TI  - The International Monetary System:  Developments and Prospects
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 2648
PY  - 1989
Y2  - August 1989
UR  - http://www.nber.org/papers/w2648
L1  - http://www.nber.org/papers/w2648.pdf
N1  - Author contact info:
Jacob Frenkel
Dr. Jacob A. Frenkel
Chairman, JPMorgan Chase International
270 Park Ave 46th floor
New York, NY 10017
Tel: +1 212 270 2393
Fax: +1 212 270 2397
E-Mail: jacob.frenkel@jpmchase.com

Morris Goldstein
Institute for International Economics
1750 Massachusetts Avenue, NW
Washington, DC  20036-1903
E-Mail: mgoldstein@iie.com
AB  - This paper addresses several fundamental issues raised by recent developments in the world economy and considers their implications for the design and functioning of the international monetary system. We do not make any proposals. The four issues examined in the paper are: (1) Can the exchange rate regime do much to discipline fiscal policy?; (2) What are the extent and costs of reduced monetary independence under greater fixity of exchange rates?; (3) How can the equilibrium exchange rate best be determined?; (4) Does a well functioning international monetary system require a clearly defined set of rules, an acknowledged leader, and an explicit anchor?
ER  -