《The International Monetary System》

1 INTRODUCTION TO INTERNATIONAL MONETARY PROBLEMS1

2 A CLOSER LOOK AT THE IMF29

3 THE DEVALUATION OF THE BRITISH POUND (1967)45

4 STERLING, DOLLARS AND GOLD83

5 THE INTERNATIONAL MONETARY SYSTEM IN CRISIS115

6 REPAIRING THE SYSTEM147

7 REFORMING THE SYSTEM165

8 REVISING THE SYSTEM189

9 A LOOK BACK—THE INTERNATIONAL MONE?TARY SYSTEM AND PRIVATE ACTIVITY227

1 INTRODUCTION TO INTERNATIONAL MONETARY PROBLEMS1

1.1 The Balance of Payments2

1.2 Notes and Questions About the Balance of Payments Statement5

1.3 A First Look at Exchange Rates and the Adjustment Process8

1.31 The Gold Standard9

1.32 Flexible Exchange Rates10

1.33 Government-Controlled Exchange Rates12

1.4 The Bretton Woods Conference13

1.5 The IMF Agreement17

1.51 Constitution and Use of the Fund's Resources18

1.52 Rules of Conduct19

1.53 The IMF as an Organization20

1.6 Notes and Questions about the IMF Agreement23

2 A CLOSER LOOK AT THE IMF29

2.1 Drawing Rights29

2.2 Notes and Questions on Drawing Rights32

2.3 Stand-By Arrangements34

2.4 Notes and Questions on Stand-By Arrangements37

2.5 The General Arrangements to Borrow39

2.6 Notes and Questions on the General Arrangements to Borrow41

3 THE DEVALUATION OF THE BRITISH POUND (1967)45

3.1 A Brief History of Sterling45

3.11 The Foundations45

3.12 The Currency47

3.2 In Defense of Parity 1964-6749

3.3 Devaluation57

3.4 Aftermath62

3.41 The Competitors62

3.42 Supporting the New Parity64

3.5 Notes and Questions70

4 STERLING, DOLLARS AND GOLD83

4.1 The Pound and the Dollar83

4.2 The United States Balance of Payments Program84

4.3 Notes and Questions88

4.4 The Gold Rush91

4.5 Notes and Questions98

4.6 The Problem of World Reserves101

4.7 Notes and Questions107

5 THE INTERNATIONAL MONETARY SYSTEM IN CRISIS115

5.1 The Turn of the Franc115

5.2 The Turn of the Mark122

5.3 And Then the Dollar124

5.31 Spring Fever124

5.32 Summer Storm126

5.33 The Ides of August128

5.4 Notes and Questions131

6 REPAIRING THE SYSTEM147

6.1 To the Smithsonian147

6.2 Notes and Questions on the Smithsonian Agreement156

7 REFORMING THE SYSTEM165

7.1 The Beginnings of Reform165

7.2 The Smithsonian Agreement Unravels169

7.3 Monetary Reform: From Long Term to Interim173

7.4 Notes and Questions178

8 REVISING THE SYSTEM189

8.1 "Immediate Steps"189

8.11 Valuation of Special Drawing Rights189

8.12 The Oil Facility191

8.13 Managing the Interim193

8.2 The Old Problems197

8.21 Gold197

8.22 Quotas202

8.23 Exchange Rates203

8.3 Resolution at Jamaica206

8.4 Notes and Questions209

9 A LOOK BACK—THE INTERNATIONAL MONETARY SYSTEM AND PRIVATE ACTIVITY227

9.1 The IMF and the Conflict of Laws227

9.11 Exchange Controls of Foreign Countries228

9.12 Payment in What Currency?247

9.2 Notes and Questions266

9.3 Floating Rates and the Businessman284

9.31 Mitigating the Exchange Risk285

9.32 Who Acts in an Exchange Crisis?289

9.33 The Translation Problem—Not Language but Numbers295

9.4 Final Notes and Questions300