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As we approach the 21st century, we must rethink our centralized monetary system as part of a larger reexamination of existing political economy, according to Solomon. In questioning the passive acceptance of a federal monopoly in producing money, the author challenges prevailing notions of "progress" and "economic life." Advancing the idea of local currencies to promote a political economy based on empowerment, self-reliance, and ecological permanence, the book discusses three viable systems, all of which are possible under federal and state laws: barter, customer discounts, and local scrip not pegged to the U.S. dollar. The business and practical aspects of each of these systems is considered. This original work will be of interest to scholars, students, and policy-makers in political economy, money and banking, public finance, and public policy. ... Read more

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This book contains the proceedings of the seminar held in Washington, D.C., on March 17–18, 1997, cosponsored by the IMF and Fondation Camille Gutt. Conference participants discussed implications of European Economic and Monetary Union (EMU) on exchange and financial markets, and consequently on the activities of market participants and private and official institutions. The five main themes of the seminar were the characteristics of the euro and its potential role as an international currency, EMU and international policy coordination, EMU and the relationship between the IMF and its EMU members, lessons of European monetary integration for the international monetary system, and the transition to EMU. ... Read more

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This is an EXACT reproduction of a book published before 1923. This IS NOT an OCR'd book with strange characters, introduced typographical errors, and jumbled words.This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book. ... Read more

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International monetary reform is of vital importance to the countries of the world. Although many studies have been made of the structure and problems of the international payment mechanism, few provide an analytical survey of the international monetary system. This study analyzes the structural and operational limitations of past systems as well as the major reform proposals for modifying and/or replacing the current system with a new payment mechanism.

The authors describe the structure and nature of the international payment system and identify the issues relating to international adjustment, liquidity, and confidence. They discuss the nature of international liquidity, including liquidity's purpose, sources of demand and supply, and potential shortcomings. They analyze the theoretical and empirical implications of the gold standard. Of primary concern is the extent to which the actual operations of the system corresponded to the theoretical role of the gold standard, and the nature and limitations of the so-called dollar-gold system that prevailed in the past quarter century until 1971.

The major reform proposals of the international payment mechanism are next discussed. Included are the proposals of historical interest such as Keynes, Triffin, Bernstein, Stamp, Angell, Rueff, and the currently debated issues of the Special Drawing Rights standard, freely floating exchange rates, and the wider-band and crawling-pegged exchange rate mechanisms. Finally the authors analyze the nature, operation, and future role of the managed float exchange rate system, which resulted from the international monetary crisis of 1973. Of particular interest are the effects of the Organization of Petroleum Exporting Countries' (OPEC) cartel on the U.S. dollar as a reserve currency, and the monetary effects of the cartel's balance-of-payments surplus on the world financial markets.

This study provides the historical background, the institutional framework, and a balanced analysis of problems involved in the international monetary system. It will be of interest to all students of economics and finance, and should be read by anyone wishing to understand the world of ever-expanding trade. ... Read more

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Over the past 15 years, local money networks, which are essentially trading networks using a community-created currency, have emerged in countries. They range from Local Exchange Trading Schemes (UK), to Time Dollars (US), Green Dollars (New Zealand, Australia and Canada), Trading Circles (Hungary), Barter Networks (Argentina) and Talents (Germany). Drawing on an ethnographic case study of alternative currency movements in Manchester, UK, this book provides an analysis of the motivations, aims, successes and failures of alternative currency networks. It also raises questions such as the contribution of the alternative currency movement to current debates about alternatives to neoliberalism. While it is theoretically informed, critical and grounded in fieldwork, it is also sympathetic to the political aims of the protagonists and cognisant of the non-economic benefits that arise from their development. ... Read more

Customer Reviews (1)

Interesting Question...Raises more questions than answers.
Let me say at the outset that this is an excellent study by Kurt Schuler and there is nothing within the contents of the Research Monograph that I would find disagreement with. The question is why only four stars?

The London based, free market Institute of Economic Affairs published this book in 1996. The timing is almost coincident with the Labour Chancellor of the Exchequer, Gordon Brown, granting semi-autonomy to the British central bank, the Bank of England. It is an interesting question in of itself about why the incoming Labour government should do this but not surprising given the failure of successive British governments to achieve low rates of inflation since the 1960s. However, I digress.

The author looks at the history of central banks and their rise to prominence. He looks at their performance in general and examines their alternatives. He then moves on to eamine the relationship between central banking and currency quality which precedes the final section on improving currency quality in developing countries.

This paper, examining as it does, 155 countries draws a clear conclusion that central banking in developing countries has performed worse in comparison to other monetary systems and in comparison to central banking in developed countries. I find no objection to that conclusion either.

My reasons for giving this study four stars is that the conclusion itself is unsurprising. The economics of the study are fine. I do not disagree with the analysis of the various economic theories which are assessed. However, the case of central banking does take place within a political context and it is clear from the study that there is a correlation of the performance of central banks with the political system operating in a particular country and the openness of the economy of that country. Where there are democratic institutions and where the government has political legitimacy and, where there is freedom of political expression and a plurality of interest groups and, where the economy is open to free-ish trade and the holding of a country's assets outside of it's borders then the central bank performs well. Where those conditions are weakened then performance is poor often due to the tendency of ruling governments to try to appropriate a country's assests for themselves.

This to me is of much greater significance than Dr. Schuler's paper. There is also a much more fundamental criticism, not dwelt on here of why we should even have central banks to begin with.

However, this is an excellent paper and one which should be of interest to teachers and students of economics and international politics. I would seriously recommend this title to anyone intested in trade and politics. ... Read more

Product Description
This digital document is an article from National Institute Economic Review, published by National Institute of Economic and Social Research on May 1, 1990. The length of the article is 4609 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: European currency union and the EMS. (European monetary system)
Author: Ray Barrell
Publication: National Institute Economic Review (Refereed)
Date: May 1, 1990
Publisher: National Institute of Economic and Social Research
Issue: n132Page: p59(8)

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This digital document is a journal article from Explorations in Economic History, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
This paper finds that the combination of state regulated bank notes and deposits acting as the principal form of money and heterogeneous bank laws in the antebellum United States led to a loosely fixed exchange rate system where states were capable of exercising limited independent monetary policy. It finds that bank note circulation and deposits moved differently across the states, and based on narrative evidence, it seems states were aware of their ability to affect the money supply of their economies and that some states did in fact try to change their banking systems to do so. ... Read more

Product Description
The Committee on Currency Features for the Visually Impaired evaluated features that could be incorporated in the production of U.S. banknotes that would enable blind and visually disabled people to more easily determine the denomination of a banknote. This volume describes several features and the assessment methodology used to determine which features could be recommended for inclusion in the short term, which could be recommended for research and possible inclusion in future currency redesigns, and which features were impractical for use in U.S. banknotes. Also included is an outline of the various types of visual disabilities that impair an individual's ability to denominate banknotes. Recommended features and areas of research are described in detail. Banknote and other security document producers, and people interested in addressing needs and opportunities for visually disabled people in the United States will find this book useful. ... Read more

Customer Reviews (1)

well done reserch
The information presented in this book help anyone to understand the needs of the various communities of people who are blind and those with low vision. This is a well done survey research to choose features that couldbe used by people who are visually disabled to recognize, denominate, andauthenticate banknotes. ... Read more

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Uses a game-theoretic macroeconomics model to explain the workings and downfall of the gold standard, the Bretton Woods, and the European Monetary System in favor of the euro, which is designed to limit monetary conflicts. ... Read more

Product Description
This digital document is an article from National Institute Economic Review, published by National Institute of Economic and Social Research on October 1, 1996. The length of the article is 7818 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The European Monetary Union (EMU) is not expected to result in less employment, negating the widespread notion that exchange-rate changes can no longer offset external shocks and thus give rise to problems. Thus, a lack of exchange-rate adjustments under the EMU is not seen to bring major problems and the EMU should not be more difficult to manage than other monetary unions in the region.

Citation Details
Title: A reconsideration of the optimum currency area approach: the role of external shocks and labour mobility.
Author: Daniel Gros
Publication: National Institute Economic Review (Refereed)
Date: October 1, 1996
Publisher: National Institute of Economic and Social Research
Issue: n158Page: p108(10)

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Product Description
This digital document is an article from National Institute Economic Review, published by National Institute of Economic and Social Research on May 1, 1993. The length of the article is 6005 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The EC has proposed the European Monetary Union (EMU) to lower transaction costs and eliminate currency risks in their market. The EMU can only be viable if Europe is deemed an optimum currency area which should have labor mobility, wage and price flexibility, economic diversity and economic interdependence among its members. Studies have shown that the EMU will only be successful if it is restricted among states which have economic homogeneity. Moreover, members of the currency union should have relatively similar economic disturbances since asymmetric economic shocks would only cause sizeable fluctuations in the GDP.

Citation Details
Title: Is Europe an optimum currency area? Symmetric versus asymmetric shocks in the EC.
Author: Guglielmo Maria Caporale
Publication: National Institute Economic Review (Refereed)
Date: May 1, 1993
Publisher: National Institute of Economic and Social Research
Issue: n144Page: p95(10)

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This digital document is an article from American Economist, published by Omicron Delta Epsilon on September 22, 2003. The length of the article is 10283 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: The significance of the euro in the international monetary system.
Author: Robert A. Mundell
Publication: American Economist (Refereed)
Date: September 22, 2003
Publisher: Omicron Delta Epsilon
Volume: 47Issue: 2Page: 27(13)

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