Monetary and Exchange Rate Systems

Edited by Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy, Editor-in-Chief, Challenge, Founding Editor Emeritus, Review of Keynesian Economics and Director, Monetary Policy Institute Sergio Rossi, Full Professor of Economics, University of Fribourg, Switzerland

'This is an important, original, and highly topical volume, in which distinguished contributors from Europe, Asia, North America, and Mexico investigate the causes of recent international financial crises, and discuss a wide range of alternative policies to prevent future financial instability. The contributors share a broadly post-Keynesian perspective, and are therefore highly critical both of the Washington Consensus and of the case for unrestrained financial liberalization. While they agree on the need for tighter regulation and for international capital controls, they differ on other important questions, including the respective merits of fixed and floating exchange rate regimes. That gives to this collection of contributions a welcome element of creative tension. No-one with an interest in reforming the international monetary regime can afford to neglect this book.'

• Contents:Introduction Louis-Philippe Rochon and Sergio RossiPart I: Financial Liberalization and Financial Crises 1. International Financial Instability in a World of Currencies HierarchyAndrea Terzi2. Dollarization and the Hegemonic Status of the US DollarJean-François Ponsot3. Reform and Structural Change in Latin America: Financial Systems and InstabilityEugenia Correa and Gregorio Vidal4. East Asian Monetary and Financial Cooperation: The Long Road AheadKok-Fay Chin5. Does Financial Liberalization Affect the Distribution of Income Between Wages and Profits?Domenica Tropeano6. Crisis Avoidance: The Post-Washington Consensus AgendaLouis-Philippe RochonPart II: From Financial Instability to Macroeconomic Performance7. Reforming the International Payment System: An AssessmentClaude Gnos8. Is There a Role for Capital Controls?Philip Arestis, Jesús Ferreiro and Carmen Gómez9. Liberalization or Regulating International Capital Flows?Paul Davidson10. Cross-Border Transactions and Exchange Rate StabilitySergio Rossi11. To Fix or to Float: Theoretical and Pragmatic ConsiderationsL. Randall Wray12. Exchange Rate Arrangements and EU EnlargementJesper JespersenIndex