The European Monetary System (EMS) is intended to stabilise internal exchange rates. The EMS uses a formula to allocate responsibility among the member nations for counteracting exogenous disturbances of exchange rates. This paper describes the results of a simulation study of the EMS....

Frontmatter -- CONTENTS -- Preface -- Acknowledgments -- Introduction. The Political Economy of Currency Choice -- CHAPTER 1. A Theory of Currency Policy Preferences -- CHAPTER 2. The United States: From Greenbacks to Gold, 1862-79 -- CHAPTER 3. The United States: Silver Threats among the Gold,...

PrefaceAcknowledgments -- Introduction the political economy of currency choice -- A theory of currency policy preferences -- The United States : from greenbacks to gold, 1862-79 -- The United States : silver threats among the gold, 1880-96 -- European monetary integration : from bretton woods...