Economic Policy, Exchange Rates, and the International System

W. Max Corden

Economic Policy, Exchange Rates, and the International System
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W. Max Corden

331 pages | 15 line drawings | 5-1/2 x 8-1/2 | © 1994
Paper $30.00 ISBN: 9780226115917 Published March 1995 Not for sale in the British Commonwealth except Canada
An ambitious successor to W. Max Corden's highly acclaimed Inflation,
Exchange Rates, and the World Economy, this book addresses topics in
international macroeconomics that have come to the forefront of economic
policy debates in recent years. Covering exchange rate policy, the
European Monetary System, protection and competition, and the
international "non-system" since the collapse of Bretton Woods, Corden
provides a probing analysis of significant economic trends associated
with the increasing integration of the world capital market.

Beginning with essays on exchange rate policy, the current account, and
external effects of fiscal policy, Corden lays out the foundations of
balance-of-payments theory in relation to wage rates, income
distribution, and inflation. Chapters on the European Monetary System
focus on monetary integration and look skeptically at European proposals
to move toward monetary union. Other topical essays discuss the
"competitiveness" problem and the relation between protection and
macroeconomic policy.

Corden summarizes and clarifies a vast range of work on the coordination
of macroeconomic policies and critically reviews various proposals for
reforming the international monetary system.
List of Figures
List of Tables
1: Introduction
2: A Model of Balance-of-Payments Policy
3: Income Distribution, Wage Rigidity, and Balance-of-Payments Policy
4: Fiscal Policy, Monetary Policy, and Capital Mobility
5: Inflation and Exchange Rate Policy
6: Does the Current Account Matter?
7: The European Monetary System
8: Monetary Integration
9: Maastricht and the Transition to Monetary Union
10: The International Macro-System
11: The International Transmission of Disturbances
12: What Determines Exchange Rates in a Floating Rate Regime?
13: Macroeconomic Policy Coordination
14: Macroeconomic Policy and Protection
15: What Is the Competitiveness Problem?
16: The Exchange Rate Regime: Choices and Plans
Index of Names
Index of Subjects
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