The New International Monetary System

Charles Wyplosz is Professor of International Economics at the Graduate Institute in Geneva where he is Director of the International Centre for Money and Banking Studies. Currently a member of the Group of Independent Economic Advisors to the President of the European Commission, of the Panel of Experts of the European Parliament’s Economic and Monetary Affairs Committee and of the "Bellagio Group". Charles Wyplosz is an occasional consultant to the European Commission, the IMF, the World Bank, the United Nations, the Asian Development Bank and the Inter-American Development Bank.

Introduction Charles Wyplosz Part I: How has the IMF changed? 1. The Long-running Quest for IMF Reforms Michael Bordo and Harold James 2. The Future of the IMF and of Regional Cooperation in East Asia Yung Chul Park Part II: Exchange rate regimes: old debate, new answers 3. ‘Global Inflation’ and ‘The Proper Use of Policies under Fixed and Flexible Exchange Rates - A Personal Perspective on Two Themes of Alexander’s Research Hans Genberg 4. Financial Stability Under Fixed and Flexible Exchange Rates: A Theoretical Note Olivier Jeanne 5. Exchange Rate Regimes and Capital Mobility: How Much of the Swoboda Thesis Survives? Barry Eichengreen 6. Exchange Rate Regimes and external Adjustment: New Answers to an Old Debate Atish Gosh and Jeronimo Zettelmeyer 7. China’s Exchange Rate Impasse and the Weak US Dollar Ronald McKinnon and Gunther Schnabl Part III: Central banking: a revolution under way? 8. Monetary Policy and Exchange Rates: Theory and Practice Stefan Gerlach and Cédric Tille 9. Central Banks’ Function to Maintain Financial Stability: An Uncompleted Task Charles Goodhart 10. Is Inflation Targeting Passé? Ulrich Kohli 11. It’s What They Do, Not What They Say: How to Infer the Stabilization Objectives of a Central Bank Michael Salemi 12. For the Celebration of Alexander Swoboda upon his Retirement Paul Volcker