Fact and Fancy in International Economic Relations

Preface

Acknowledgment

Publisher's Note


1. Introduction


2. The Fancies Explored

1. Dynamic Problems and Static Models

2. International Economic Relations as a Problem of Oligopoly

3. A Theory of Reserve Holding

(a) The Need for International Reserves

(b) The Cost-Benefit of International Reserves


3. The Facts Restated

1. Oligopoly in Practice: the Retreat from Bretton Woods

(a) Bretton Woods and after

(b) Abundance of Reserves and the Marasmus of the Dollar

2. International Readjustment in a Framework of Oligopoly: Inflation, Beggar-My-Neighbor and Flexibility

(a) The Problem of Cost-Push Inflation

(b) Keynesian Unemployment: Undervaluation as a Weapon

(c) Exchange Rates, Inflation and Equilibrium


4. The Elements of a Solution

1. Rules of Good Conduct

2. Flexibility

(a) Downward Flexibility

(b) Upward Flexibility

(c) Crawling

(d) Widening Band

3. Capital Movements

4. Supplying Liquidity

(a) The Aims of Reserve-Creation

(b) The Reform of Present Arrangements

5. The 'Link'

6. Unit of Account and Intervention Currency

7. Sanctions

8. The Status of the New International Institution

Postscript

Notes to Chapters 1-4

Index