Reform of the international financial architecture has made progress but has not dealt decisively with the need to involve private sector creditors in resolving debt-related crises. It has relied unduly on voluntary approaches combined with large-scale official financing. A comprehensive...

If the European Central Bank (ECB) adopts the proposals of the European Monetary Institute, the formulation of monetary policy for the euro area will be centralized but its implementation will be decentralized. The FOB will probably employ both inflation and monetary targets and use policy...

Frontmatter -- Contents -- List of Figures -- List of Tables -- Introduction -- PART I: APPRAISING EXCHANGE-RATE ARRANGEMENTS -- 1. The Endogeneity of Exchange-Rate Regimes -- 2. Exchange-Rate Behavior under Alternative Exchange-Rate Arrangements -- 3. Panel: One Money for How Many? -- PART II:...

The Finance Ministers of the G-7 countries appear to believe that they have completed their work on the new architecture of the international financial system. However, key issues have not been resolved. The official community must still decide if and when debt restructuring should replace...

This paper looks at whether the aggregate ERM money supply has been a useful predictor of short-term changes in inflation and growth, and of long-term trends in price levels among the core ERM countries. The evidence suggests that over the period since 1987 the ERM money supply performs at least...