The "monetary trilemma" - the hypothesis that full monetary policy autonomy, exchange rate stability, and financial openness cannot simultaneously be achieved - has long been studied. Recently, holding international reserves (IR) has become an important policy instrument, insuring against...

The money supply in historical perspective -- Beyond monetary policy -- The development of a specie standard -- The U.S. banks and antebellum panics -- Greenbacks, gold, and silver purchases -- The national banking system -- Reform proposals and legislation -- The early Federal Reserve -- The...

Cover -- Contents -- Preface -- Acknowledgments -- Chapter 1: China's Exchange Rate Policy: An Overview of Some Key Issues -- Challenges Facing the Chinese Authorities under the Existing Currency Regime -- Policy Implications and Options -- References -- Comment: China's Industrial Investment...