Future of the International Monetary System

  • Shigeo Horie


The weakening of America’s balance of payments, the instability of sterling, and the revaluation of the Deutsche mark — this latest series of events in international monetary affairs has underlined the drawbacks of the present organization. It is, therefore, not surprising that voices have been raised in favour of a re-examination of the international monetary system.


Central Bank International Monetary Fund Foreign Currency International Reserve International Currency 
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  1. 1.
    Maxwell Stamp, ‘The Fund and the Future’ in Lloyds Bank Review, October 1958, pp. 1–20; ‘Ending the World’s Gold Shortage’ in The Guardian, 13 February 1961. He revealed also his revised plan in ‘Moorgate and Wall Street, Autumn 1962’. The feature of the new plan is the introduction of quotas of certificates that members should be ready to accept.Google Scholar
  2. 2.
    As some examples of the discussions that have taken place, the following come to mind: ‘What sort of Exchange Rates?’ W. M. Scammell, Westminster Bank Review, May 1954.Google Scholar
  3. ‘Flexible Exchange Rates’, Sir Donald MacDougall, Westminster Bank Review, August 1954. ‘Stable or Fluctuating Exchange Rates?’ Per Jacobsson, Skandinaviska Banken Quarterly Review, October 1954. ‘The Dilemma of Exchange Rate Policy’,Google Scholar
  4. Erik Lundberg, Skandinaviska Banken Quarterly Review, October 1954. ‘The case for Flexible Exchange Rates’,Google Scholar
  5. F. A. Lutz, Banca Nazionale del Lavoro Quarterly Review, December 1954. ‘Some Aspects of Convertibility’,Google Scholar
  6. Gottfried Haberler, Economia Internazionale, February 1955. ‘Fluctuating Exchange Rates and Convertibility’,Google Scholar
  7. Weijo Wainio, Kansallis-Osake-Panki Economic Review, April 1954. ‘Foreign Exchange Rate Theory and Policy’, Arthur I. Bloomfield, The New Economics (Seymour E. Harris, editor). Speculative and Flight Movements of Capital in Postwar International Finance, A. Bloomfield, 1954. ‘Fixed or Flexible Rate for Sterling?’ The Banker, July 1955. ‘Monetary Policy and External Balance’,Google Scholar
  8. W. T. Newlyn, Bankers’ Magazine, May 1955. ‘Foreign Exchange Policy’,Google Scholar
  9. R. F. Harrod, Financial Times, 19 July 1955. ‘The Case for Variable Exchange Rates’,Google Scholar
  10. J. E. Meade, The Three Banks Review, No. 27, September 1955. International Monetary Policy, 1957, W. M. Scammell. R. F. Harrod, The Dollar. (The Japanese version by the Economic Research Department of the Bank of Tokyo and published by the Jitsugyo-no-Nihonsha.) R. F. Harrod, The Pound Sterling. (The Japanese version by the Economic Research Department of the Bank of Tokyo and published by Shiseido.)Google Scholar
  11. 1.
    Robert Triffin, Gold and the Dollar Crisis, 1960, p. 84.Google Scholar
  12. 1.
    Professor Triffin, saying that he has never heard such criticism from British quarters, quotes from the following: Brian Tew, International Monetary Co-operation, 1945–60 (5th ed., London, 1960).Google Scholar

Copyright information

© Shigeo Horie 1964

Authors and Affiliations

  • Shigeo Horie
    • 1
  1. 1.Bank of TokyoJapan

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