The rules of the game international money and exchange rates - McKinnon, Ronald I. (MIT Press, 1996)
Selected journal articles and essays from books published from the 1960's to the present
Includes bibliographical references and index
The Rules of the Game brings together essays written over the course of thirty years by a major figure in the field. McKinnon analyzes and compares a wide variety of important international monetary regimes: the establishment of the gold standard in the nineteenth century, Bretton Woods, the dollar standard, floating exchange rates, the European Monetary System, and current proposals for reforming world monetary arrangements. The essays are unique in that they specify precisely the rules of the game for each international monetary regime - past, present, and future. For ease of reference, the book offers boxed summaries of each set of rules and then discusses their advantages and disadvantages, from the gold standard down to the author's proposal for a common monetary standard for the twenty-first century
1. Introduction -- 2. The Rules of the Game: International Money in Historical Perspective -- 3. Exchange Risk and Interest Rate Volatility in Historical Perspective -- 4. An International Gold Standard without Gold -- 5. Private and Official International Money: The Case for the Dollar, 1969 -- 6. Sterilization in Three Dimensions: Major Trading Countries, Eurocurrencies, and the United States -- 7. Currency Substitution and Instability in the World Dollar Standard -- 8. Why U.S. Monetary Policy Should Be Internationalized -- 9. Money Supply versus Exchange-Rate Targeting: An Asymmetry between the United States and Other Industrial Economies -- 10. Optimum Currency Areas -- 11. Optimum World Monetary Arrangements and the Dual-Currency System -- 12. Floating Foreign-Exchange Rates, 1973-74: The Emperor's New Clothes -- 13. The Exchange Rate and Macroeconomic Policy: Changing Postwar Perceptions -- 14. Exchange-Rate Instability, Trade Imbalances, and Monetary Policies in Japan and the United States -- 15. Monetary Control and the Crawling Peg -- 16. Two Concepts of International Currency Substitution -- 17. Why Floating Exchange Rates Fail: A Reconsideration of the Liquidity Trap -- 18. Floating Exchange Rates and the New Interbloc Protectionism: Tariffs versus Quotas -- 19. A Common Monetary Standard or a Common Currency for Europe? Fiscal Lessons from the United States -- 20. Monetary and Exchange-Rate Policies for International Financial Stability: A Proposal -- 21. The Monetary Road to Postwar Prosperity: Marshall-Dodge or Bretton Woods? -- 22. From Plaza-Louvre to a Common Monetary Standard for the Twenty-First Century -- Appendix: McKinnon's Handy Reference Guide to the Rules of the Game