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Full Description
This book argues for a new conceptual framework that analytically distinguishes between North-South monetary co-ordination, which involves an international key currency, and South-South arrangements between economies all marked by external indebtedness and the resulting macroeconomic instabilities ('original sin'). In this light, the book analyzes different types of monetary co-ordination, ranging from ad hoc exchange rate policy agreements to projects of a common supranational currency, and it examines selected regional cases in Eastern Europe, North and South America, Africa and Asia.
Contents
List of Figures and Tables Notes on the Contributors Preface PART 1: DEBTOR ECONOMIES AND PERSPECTIVES FOR REGIONAL MONETARY COORDINATION Monetary Coordination involving Developing Countries: The Need for a New Conceptual Framework; B.Fritz & M.Metzger 'Original Sin' and Monetary Cooperation; U.Panizza Comment on ' 'Original Sin' and Monetary Cooperation' by Ugo Panizza; W.Schelkle Chances and Limits of South-South Monetary Coordination; J.Kregel Comment on 'Chances and Limits of South-South Monetary Coordination' by Jan Kregel; P.Nunnenkamp Exchange Rate Management in Developing Countries: The Need for a Multilateral Solution; H.Flaßbeck PART 2: CASES OF REGIONAL MONETARY COORDINATION Exchange Rate Policies and Institutional Arrangements in the Transition Process to European Monetary Union; P.Bofinger Perspectives for a Monetary Union between Argentina and Brazil; F.C.de Carvalho Comment on 'Perspectives for a Monetary Union between Argentina and Brazil' by F. Cardim de Carvalho; M.Nitsch So Far from God and So Close to the US Dollar: Contrasting Approaches of Monetary Coordination in Latin America; B.Fritz The Common Monetary Area in Southern Africa: A Typical South-South Coordination Project?; M.Metzger The CFA-Zone: A Positive Example of Monetary Coordination?; J.Suchanek Comment on 'The Common Monetary Area' by Martina Metzger and 'The CFA-Zone' by Jan Suchanek; D.F.Kohnert The Advancement of Monetary Regionalism in East Asia; H.Dieter Comment on 'The Advancement of Monetary Regionalism in East Asia' by Heribert Dieter; B.Reszat Index
