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Generalized financial volatility is capitalism's Achilles' heel. And nowhere is the problem of controlling such volatility more acute than in monetary and exchange-rate relationships across countries - the central theme of this book.

The Rules of the Game brings together essays, written over the course of thirty years, by a major figure in the field that analyze and compare a wide variety of important international monetary regimes. These range from the establishment of the gold standard in the nineteenth century through Bretton Woods, the dollar standard, floating exchange rates, the European Monetary System, to 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.

Part I assesses each monetary regime's success in stabilizing prices and exchange rates, while fostering international trade. Part II addresses a central question each country faces: what are the benefits of giving up exchange-rate flexibility to join a common monetary standard? Part III focuses on overall monetary reform for limiting financial volatility and exchange-rate crises in the next century - including whether or not Western Europe should adopt a common currency. The last chapter synthesizes and updates the author's previous writings on rationalizing monetary arrangements among the major industrial countries of North America, Western Europe, and East Asia.

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CONTENTS

Preface = ⅸ

1 Introduction = 1

Ⅰ International Monetary Standards : From Gold to the Dollar

 2 The Rules of the Game : International Money in Historical Perspective = 23

 3 Exchange Risk and Interest Rate Volatility in Historical Perspective = 91

 4 An International Gold Standard without Gold = 111

 5 Private and Official International Money : The Case for the Dollar, 1969 = 137

 6 Sterilization in Three Dimensions : Major Trading Countries, Eurocurrencies, and the United States = 161

 7 Currency Substitution and Instability in the World Dollar Standard = 179

 8 Why U.S.Monetary Policy Should Be Internationalized = 205

 9 Money Supply versus Exchange-Rate Targeting : An Asymmetry between the United States and Other Industrial Economies = 217

Ⅱ Optimum Currency Areas and Exchange-Rate Flexibility

 10 Optimum Currency Areas = 239

 11 Optimum World Monetary Arrangements and the Dual-Currency System = 253

 12 Floating Foreign-Exchange Rates, 1973-74 : The Emperor's New Clothes = 271

 13 The Exchange Rate and Macroeconomic Policy : Changing Postwar Perceptions = 291

 14 Exchange-Rate Instability, Trade Imbalances and Monetary Policies in Japan and the United States = 335

 15 Monetary Control and the Crawing Peg = 349

 16 Two Concepts of International Currency Substitution = 367

 17 Why Floating Exchange Rates Fail : A Reconsideration of the Liquidity Trap = 387

 18 Floating Exchange Rates and the New Interbloc Protectionism : Tariffs versus Quotas = 411

Ⅲ International Monetary Reform

 19 A Common Monetary Standard or a Common Currency for Europe? Fiscal Lessons from the United States = 437

 20 Monetary and Exchange-Rate Policies for International Financial Stability : A Proposal = 465

 21 The Monetary Road to Postwar Prosperity : Marshall-Dodge or Bretton Woods? = 489

 22 From Plaza-Louvre to a Common Monetary Standard for the Twenty-First Century = 495

Appendix : McKinnon's Handy Reference Guide to the Rules of the Game = 527

Index = 537