Abstract
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.
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Notes
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.
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.
‘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’,
Erik Lundberg, Skandinaviska Banken Quarterly Review, October 1954. ‘The case for Flexible Exchange Rates’,
F. A. Lutz, Banca Nazionale del Lavoro Quarterly Review, December 1954. ‘Some Aspects of Convertibility’,
Gottfried Haberler, Economia Internazionale, February 1955. ‘Fluctuating Exchange Rates and Convertibility’,
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’,
W. T. Newlyn, Bankers’ Magazine, May 1955. ‘Foreign Exchange Policy’,
R. F. Harrod, Financial Times, 19 July 1955. ‘The Case for Variable Exchange Rates’,
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.)
Robert Triffin, Gold and the Dollar Crisis, 1960, p. 84.
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).
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© 1964 Shigeo Horie
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Horie, S. (1964). Future of the International Monetary System. In: The International Monetary Fund. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-81738-2_9
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