The New Architecture of the International Monetary System
Two years ago, the Guido Carli Association, in collaboration with the Aspen Institute Italia, charged a group of distinguished economists to examine the problems created by the unsatisfactory functioning of the International Monetary System. The two resul
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edited by
Paolo Savona LUISS Guido Carli University and Guido Carli Association, Rome
Reprinted from Open Economies Review Volume 11, Supplement 1, August 2000
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Springer Science+Business Media, LLC
Library of Congress Cataloging-in-Publication Data The new arehiteeture of the international monetary system / edited by Paolo Savona. p. em. Paper presented at eonferenees held in Florenee, Italy in June 19, 1998 and Oet.l5, 1999. Includes bibliographieal referenees. ISBN 978-1-4419-4984-4 ISBN 978-1-4757-6766-7 (eBook) DOI 10.1007/978-1-4757-6766-7 1. International finanee-Congresses. 2. Banking law-Congresses. 1. Savona, Paolo, 1936HG203.N492000 332.4' 5-de21 00-036831 Copyright 2000 by Springer Science+Business Media New York Originally published by Kluwer Academic Publishers in 2000 Softcover reprint ofthe hardcover Ist edition 2000 AH rights reserved. No part of this publication may be reprodueed, stored in a retrieval system or transmitted in any form or by any means, meehanieal, photo-eopying, reeording, or otherwise, without the prior written permis sion of the publisher, Springer Science+Business Media, LLC, Printed an acid-free paper.
OPEN ECONOMIES REVIEW Contents Volume 11 Supplemental Issue August 2000 The New Architecture of the International Monetary System Edited by Paolo Savona Editor's Preface ............................................... Paolo Savona
1
Summary of Findings of the Guido Carli Association's Second International Conference ............................................. Paolo Savona
3
Introduction: A New Architecture or New System? A Survey of International Monetary Reform in the 1990s ................ Fabrizio Saccomanni
15
Part 1: Economic Contents Capital Flows, Exchange Rates, and the New International Financial Architecture: Six Financial Crises in Search of a Generic Explanation ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Robert Z. Aliber
43
Comment on Aliber's "Capital Flows, Exchange Rates, and the New International Financial Architecture: Six Financial Crises in Search of a Generic Explanation" ................................... Michele Fratianni
63
Some Lessons for Regulation from Recent Bank Crises ................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . David T. Llewellyn
69
Comment on Llewellyn's "Some Lessons for Regulation from Recent Bank Crises" ............................................... Jeffrey R. Shafer
111
International Financial Architecture and the Economic Renaissance in Europe ................................................... Maxwell C. Watson
117
The Present International Monetary System: Problems, Complications, and Reforms ............................................. Dominick Salvatore
133
On Monetary Analysis of Derivatives ....................................... . . . . . . . . . . . . . . . . . . . . . . Paolo Savona, Aurelio Maccario, and Chiara Old
