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It considers the changing roles and influences of the U.S.
This anthology of significant writings by eminent economists is, in part, a critique of the Bretton Woods system of fixed exchange rates, which was very successful at the time it was instituted but which, because of its rigidity, failed in the end to address the economic problems of the post-war era. The authors suggest that the stock market crash of 1987 might not have occurred if market forces had been allowed simply to run their course in the absence of any real economic restrictions. Contributors include: Harry Johnson, Fritz Machlup, Milton Friedman, Gottfried Haberler, Henry Wallich, Alan Greenspan, Leo Melamed, Jacques de Larosiere, Beryl Sprinkel, Michael L. Mussa, Martin Feldstein, Jacob Frenkel, Rudiger Dornbusch, Morris Goldstein, Rachel McCulloch, Paul R. Krugman, William H. Branson, Thomas D. Willett, J. Carter Murphy.
Examining the causes of the acute Latin American debt crisis that began in mid-1982, North American analysts have typically focused on deficiencies in the debtor countries' economic policies and on shocks from the world economy. Much less emphasis has been placed on the role of the region's principal creditors--private banks--in the development of the crisis. Robert Devlin rounds out the story of Latin America's debt problem by demonstrating that the banks were an endogenous source of instability in the region's debt cycle, as they overexpanded on the upside and overcontracted on the downside. Originally published in 1990. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Benjamin J. Cohen has been one of the most original and influential writers on international political economy. This book provides an overview of his contribution to the field, grouped around the central theme of global monetary governance. The book is divided into three sections:challenges to systemic governance - examines the challenge of governa
International debt rescheduling, both in earlier epochs and our present one, has been marked by a flurry of bargaining. In this process, significant variation has emerged over time and across cases in the extent to which debtors have undertaken economic adjustment, banks or bondholders have written down debts, and creditor governments and international organizations have intervened in negotiations. Debt Games develops and applies a situational theory of bargaining to analyze the adjustment undertaken by debtors and the concessions provided by lenders in international debt rescheduling. This approach has two components: a focus on each actor's individual situation, defined by its political and economic bargaining resources, and a complementary focus on changes in their position. The model proves successful in accounting for bargaining outcomes in eighty-four percent of the sixty-one cases, which include all instances of Peruvian and Mexican debt rescheduling over the last one hundred and seventy years as well as Argentine and Brazilian rescheduling between 1982 and 1994.
This paper presents the bibliography cover books, pamphlets, reports, and periodical articles that describe the functions, organization, and activities of the IMF. Publications on the various aspects of international economics are included only when they contain material relating specifically to the IMF. Previous bibliographies in this series that were compiled by Martin L. Loftus were published in Staff Papers. Vol. 1 (April 1951), Vol. 3 (April 1953), Vol. 4 (August 1955), Vol. 6 (November 1958), Vol. 9 (November 1962), Vol. 12 (November 1965), Vol. 15 (March 1968), Vol. 19 (March 1972), and Vol. 21 (July 1974). Mrs. Salda prepared the bibliographies that were published in Vol. 25 (March 1978), Vol. 26 (June 1979), Vol. 27 (June 1980), Vol. 29 (June 1982), Vol. 30 (September 1983), and Vol. 31 (Supplement, December 1984).
Edited by George M. von Furstenberg, this volume presents the rethinking of the functions and purposes served by international monetary arrangements at leading universities, banks, and official institutions.