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Reference Rates and the International Monetary System

by John Williamson
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Current price ₹1,270.00
Original price ₹1,760.00
Original price ₹1,760.00
Original price ₹1,760.00
(-28%)
₹1,270.00
Current price ₹1,270.00

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Book cover type: Paperback
  • ISBN13: 9780881324013
  • Binding: Paperback
  • Subject: N/A
  • Publisher: Peterson Institute for International Economic
  • Publisher Imprint: Peterson Institute for International Economic
  • Publication Date:
  • Pages: 104
  • Original Price: USD 17.95
  • Language: English
  • Edition: N/A
  • Item Weight: 137 grams
  • BISAC Subject(s): Money & Monetary Policy and International / Economics & Trade

Growing global imbalances threaten to induce a collapse of the dollar, which could in turn produce a severe recession in the rest of the world. This crisis could force countries to say "never again" and search for a system to prevent similar disasters. The system that could do so is a reference rate system--where countries' authorities are forbidden from intervening in order to push the exchange rate too far from what is termed the "reference rate." It could help a country's authorities manage its exchange rate to avoid large misalignments, assist the private sector in forming more dependable expectations of future exchange rates and thus to manage their businesses more efficiently in a world of floating exchange rates, and aid the International Monetary Fund in designing and managing an effective system of multilateral surveillance. The world economy would function better as a result, with less chance of the global imbalances leading to a world recession.

John Williamson, senior fellow (retired), was associated with the Institute from 1981 to 2012. He was project director for the UN High-Level Panel on Financing for Development (the Zedillo Report) in 2001; on leave as chief economist for South Asia at the World Bank during 1996-99; economics professor at Pontifica Universidade Católica do Rio de Janeiro (1978-81), University of Warwick (1970-77), Massachusetts Institute of Technology (1967, 1980), University of York (1963-68), and Princeton University (1962-63); adviser to the International Monetary Fund (1972-74); and economic consultant to the UK Treasury (1968-70).

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