This study identifies the key characteristics of a successful exchange rate system. It focuses on regimes in the industrial countries and consider the implications for the operation of the international monetary system.

The growing integration of capital markets has strengthened incentives for greater international coordination of economic and financial policies. Structural changes in these financial market, however, may have undermined the effectiveness of monetary and fiscal policy and complicated market...

This report comprises three papers written by staff members of the Fund's Research Department on issues arising out of the reports on the international monetary system prepared in 1985 by the Group of Ten (representing the industrial countries participating in the General Arrangements to Borrow)...

One of the more important yet puzzling aspects of the recent global stagflation has been the rather surprising resiliency of growth rates of real income in non-oil developing countries during the 1973-80 period in the face of the marked slowdown of corresponding growth rates in the industrial...

How can international monetary stability be promoted? This study looks at ways to bolster economic policies and coordination among the industrial countries serving as nominal anchors for the world economy. It also assesses the operation of monetary unions and common currency areas. The authors...

This is the second of a group of papers dealing with various aspects of Fund-supported adjustment Programs.

This study addresses major policy issues associated with the future of the international monetary system. It focuses on whether there is a need for fundamental reform of this system, defined as systematic and sustained effort on the part of the three major industrial countries (United States,...