The New Architecture of the International Monetary System

1. Front Matter

   Pages i-1

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2. Summary of Findings of the Guido Carli Association’s Second International Conference

   1. Summary of Findings of the Guido Carli Association’s Second International Conference

      • Paolo Savona

      Pages 3-14

3. Introduction: A New Architecture or New System? A Survey of International Monetary Reform in the 1990s

   1. Introduction: A New Architecture or New System? A Survey of International Monetary Reform in the 1990s

      • Fabrizio Saccomanni

      Pages 15-41

4. Economic Contents

   1. Capital Flows, Exchange Rates, and the New International Financial Architecture: Six Financial Crises in Search of a Generic Explanation

      • Robert Z. Aliber

      Pages 43-61

   2. Comment on Aliber’s “Capital Flows, Exchange Rates, and the New International Financial Architecture: Six Financial Crises in Search of a Generic Explanation”

      • Michele Fratianni

      Pages 63-67

   3. Some Lessons for Regulation from Recent Bank Crises

      • David T. Llewellyn

      Pages 69-109

   4. Comment on Llewellyn’s “Some Lessons for Regulation from Recent Bank Crises”

      • Jeffrey R. Shafer

      Pages 111-116

   5. International Financial Architecture and the Economic Renaissance in Europe

      • Maxwell C. Watson

      Pages 117-131

   6. The Present International Monetary System: Problems, Complications, and Reforms

      • Dominick Salvatore

      Pages 133-148

   7. On Monetary Analysis of Derivatives

      • Paolo Savona, Aurelio Maccario, Chiara Oldani

      Pages 149-175

   8. Comment on Savona, Maccario, and Oldani’s “On Monetary Analysis of Derivatives”

      • Peter M. Oppenheimer

      Pages 177-181

   9. The New International Financial Architecture: Progress and Challenges

      • Antonio Casas-González

      Pages 183-193

   10. Some Challenges for Reformers and Architects

       • Alexander K. Swoboda

       Pages 195-203

5. Legal Aspects

   1. New Financial Architectures and Legal Infrastructures: Toward a Corrected and Compensated International Monetary System

      • Alberto Predieri

      Pages 205-234

   2. Financial Derivatives and Private International Law: Some Remarks

      • Sergio M. Carbone

      Pages 235-245

   3. Private-Law Instruments for Reduction of Risks on International Financial Markets: Results and Limits of Self-Regulation

      • Maria Chiara Malaguti

      Pages 247-257

Two years ago, the Guido Carli Association, in collaboration with the Aspen Institute Italia, charged a group of distinguished economists to examine the problems created by the unsatisfactory functioning of the International Monetary System. The two resulting conferences were sponsored by the Fondazione della Cassa di Risparmio di Firenze (CESIFIN) and the Permanent Advisory Committee on the Euro and the Dollar (PACE&D). Their research had a two-fold aim. The first was an examination of the basic function of the International Monetary System with a special focus on the role the Euro would and should have. The second was the preparation of a list of recommendations on how to resolve the problems, financial problems in particular, affecting the entire world community.
Last year, the group focused on efforts taking place in diverse financial institutions and universities to construct what has been called the `New International Financial Architecture'. This group considered the legal problems arising from European and international integration and, more generally, from the new architecture of the International Monetary System.
This book, The New Architecture of the International Monetary System, is the final result of their efforts. It will be an invaluable resource for academics, professionals, and students alike.

• Euro
• exchange rates
• financial markets
• institutions

• LUISS Guido Carli University and Guido Carli Association, Rome, Italy

  Paolo Savona

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