Author: McKinnon, Ronald I.
Title: The Rules of the Game: International Money and Exchange Rates
Description: Cambridge [MA], MIT Press, (1996). orig.cloth. 24x15cm, x,558 pp.. Minor rubbing. VG. dustwrapper. ¶ 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 30 years, that analyze and compare a wide variety of important international monetary regimes. These range from the establishment of the gold standard in the 19th century through Bretton Woods, the dollar standard, floating exchange rates, the European Monetary System, to current proposals for reforming world monetary arrangements. The essays specify precisely the rule 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 21st century. Part 2 assesses each monetary regime's success in stabilizing prices and exchange rates, while fostering international trade. Part 2 addresses a central question each country faces: what are the benefits of giving up exchange- rate flexibility to join a common monetary standard? Part 3 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...." - Publisher's description.

Keywords: Foreign Exchange Rates, International, Finance, Financial, Economic History, , , ,