The mounting balance of payments difficulties of most developing countries raise the question whether they are not aggravated by an international monetary system which is tailored to the requirements of industrialized countries and how the existing system could possibly be adapted to the needs...

The 1970s saw the recurrence of major turmoil in the international monetary scene in which Japan played no small part. Japan’s response to past monetary upheavals has always been passive and there were occasions when its passivity and delayed response so undermined the working of the monetary...

Recently the Interim Committee of the International Monetary Fund met in Hamburg without making significant progress on the proposal for a substitution account. One of the main initiatives toward restructuring the international monetary system thus was postponed if not indefinitely suspended....

The IMF's Interim Committee recently for the first time discussed the creation of a “Substitution Account” to convert certain amounts of excess reserve currencies into SDRs. This issue is likely to be on the agenda of the next annual meeting of the IMF in the fall of this year. Prof....

When the Bretton Woods system collapsed in December 1971 the expectation was that a reformed monetary system could be introduced within a year or two. The following article discusses the question why, contrary to this general expectation, the international instability in payments still exists...

In retrospect, the decade of sixties has witnessed substantial upheavals and achievements in the international monetary sphere. Massive flows of hot money from one country to another have stimulated international cooperation on a large scale. The two-tier gold system seems to be an unparalleled...