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* An Introduction to International EconomicsSecond Edition The International Monetary System: Past, Present and Future Dominick Salvatore John Wiley Sons, Inc. CHAPTER S I X T E E N * The international monetary system The international monetary system refers to the rules, customs, instruments, facilities and organizations for effecting international payments. * The international monetary system The international monetary system refers to the rules, customs, instruments, facilities and organizations for effecting international payments. Exchange rate options Fixed exchange rate with a narrow band of fluctuation Fixed exchange rate with a wide band of fluctuation A crawling peg A managed float A free float * The international monetary system The international monetary system refers to the rules, customs, instruments, facilities and organizations for effecting international payments. International reserve types A gold standard A pure fiduciary standard with no connection to gold A gold-exchange standard * The international monetary system Characteristics of a good system Maximizes the flow of international trade Generates an equitable distribution of the gains from trade Minimizes the costs and time attendant with adjustment from disequilibria Offers sufficient liquidity so that external disequilibria need not generate internal disequilibria Generates confidence in the system so that participants trust in the efficacy of the system * The history of international monetary systems The gold standard 1880 to 1914 The interwar period 1919 to 1939 The Bretton Woods system 1944 to 1971 The present system 1973 to today * The gold standard Under the gold standard, currency values were determined by specified gold content. Nations bought or sold currency at this specified gold ratio. External equilibrium is attained via the workings of the price-specie-flow mechanism. Adherence to the gold standard deprived nations of the ability to independently control the money supp