Money on the move The revolution in international finance since 1980

International Finance

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Front Matter
Front Matter (pp. i-iv)
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Table of Contents
Table of Contents (pp. v-vi)
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Preface and Acknowledgments
Preface and Acknowledgments (pp. vii-xii)
R.S
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List of Abbreviations and Acronyms
List of Abbreviations and Acronyms (pp. xiii-2)
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CHAPTER 1 The Wide-Ranging Dollar, 1980–1990
CHAPTER 1 The Wide-Ranging Dollar, 1980–1990 (pp. 3-33)
Policymakers and international economists were preoccupied with two principal problems in the 1980s: wide movements of exchange rates and the debt crisis of developing countries. This and the next chapter deal with those topics.

Although there had been much exchange-rate instability in the 1970s, including a depreciation of the dollar of near-crisis proportions in 1977–78, the persistent and sizable rise of the dollar in the first half of the 1980s presented unprecedented problems (figure 1.1). The appreciation of the dollar and the ballooning of the U.S. balance-of-payments deficit were, of course, related to the policies pursued both in the...

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CHAPTER 2 The Developing-Country Debt Crisis
CHAPTER 2 The Developing-Country Debt Crisis (pp. 34-48)
The 1980s became known as the “lost decade” for a number of developing countries, mainly in Latin America, as they struggled to service heavy debts in the face of a severe falloff in private inflows of capital—principally bank loans. Per capita GDP actually declined from 1980 to 1990 for the most heavily indebted countries. In the words of John Williamson: “As the decade ended, the region remained mired in stagflation, burdened by foreign debt, disfigured by the world’s most inegalitarian income distribution, and crippled by a continuing lack ofconfidence on the part not only ofits foreign creditors but also...

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CHAPTER 3 Economic and Monetary Integration in Europe
CHAPTER 3 Economic and Monetary Integration in Europe (pp. 49-96)
Much happened in the European Union (EU) during the period covered by this book, including the change in its name from the European Community (EC) and its enlargement as new members came in. At the same time, EU became more integrated both economically—under the single market—and then monetarily as steps were taken toward Economic and Monetary Union (EMU). The European Monetary System (EMS) had been established nine months before our story begins. It went through various phases and was accompanied by a convergence of inflation and interest rates and increasing stability of exchange rates among its members. It...

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CHAPTER 4 Economies in Transition: International Effects
CHAPTER 4 Economies in Transition: International Effects (pp. 97-107)
An appropriate way to introduce this subject is with two quotations—the first from an article published by Albert Hirschman in 1990:

Social scientists, historians, and political observers in general agree on one point about the Eastern European revolutions of 1989: no one foresaw them. The collapse of Communist power in Eastern Europe, the fall of the Berlin Wall and the reunification of Germany, the implosions in the Soviet Union—the end of the cold war, in short—all these developments unfolded in a remarkably short time and as a huge surprise to “experts” and ordinary television viewers alike.¹

The...

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CHAPTER 5 The 1990s: Capital Mobility and Its Effects
CHAPTER 5 The 1990s: Capital Mobility and Its Effects (pp. 108-137)
This chapter takes a worldview with emphasis on the escalation of international capital mobility. It focuses especially on the causes and effects—sometimes troublesome—of the large and unanticipated increase in capital flows to developing countries in the 1990s. It also looks at movements of the exchange rates of major industrial countries in the 1990s as related to their macroeconomic performance and policies and the mobility of capital.

The 1990s witnessed a significant acceleration in the growth of developing countries—with favorable economic effects on the rest of the world—and a blurring of the distinction between many of them...

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CHAPTER 6 The Present and Future of the System
CHAPTER 6 The Present and Future of the System (pp. 138-168)
This final chapter provides an overview of the international monetary system as a whole as it functions today and as it might evolve in the future. First it is useful to take a broad look at how the world has changed in the years since 1980. That is one way of viewing the present status of the system.

Then we turn to the three traditional features of an international monetary system: balance of payments adjustment, supply of reserves, and stability. Adjustment involves the working of the regime of floating exchange rates and proposals for its reform, including target zones and...

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Appendix CHRONOLOGY OF IMPORTANT EVENTS
Appendix CHRONOLOGY OF IMPORTANT EVENTS (pp. 169-176)
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Notes
Notes (pp. 177-200)
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Index
Index (pp. 201-210)