1 INTRODUCTION TO INTERNATIONAL MONETARY PROBLEMS 1
2 A CLOSER LOOK AT THE IMF 29
3 THE DEVALUATION OF THE BRITISH POUND (1967) 45
4 STERLING, DOLLARS AND GOLD 83
5 THE INTERNATIONAL MONETARY SYSTEM IN CRISIS 115
6 REPAIRING THE SYSTEM 147
7 REFORMING THE SYSTEM 165
8 REVISING THE SYSTEM 189
9 A LOOK BACK—THE INTERNATIONAL MONE?TARY SYSTEM AND PRIVATE ACTIVITY 227
1 INTRODUCTION TO INTERNATIONAL MONETARY PROBLEMS 1
1.1 The Balance of Payments 2
1.2 Notes and Questions About the Balance of Payments Statement 5
1.3 A First Look at Exchange Rates and the Adjustment Process 8
1.31 The Gold Standard 9
1.32 Flexible Exchange Rates 10
1.33 Government-Controlled Exchange Rates 12
1.4 The Bretton Woods Conference 13
1.5 The IMF Agreement 17
1.51 Constitution and Use of the Fund's Resources 18
1.52 Rules of Conduct 19
1.53 The IMF as an Organization 20
1.6 Notes and Questions about the IMF Agreement 23
2 A CLOSER LOOK AT THE IMF 29
2.1 Drawing Rights 29
2.2 Notes and Questions on Drawing Rights 32
2.3 Stand-By Arrangements 34
2.4 Notes and Questions on Stand-By Arrangements 37
2.5 The General Arrangements to Borrow 39
2.6 Notes and Questions on the General Arrangements to Borrow 41
3 THE DEVALUATION OF THE BRITISH POUND (1967) 45
3.1 A Brief History of Sterling 45
3.11 The Foundations 45
3.12 The Currency 47
3.2 In Defense of Parity 1964-67 49
3.3 Devaluation 57
3.4 Aftermath 62
3.41 The Competitors 62
3.42 Supporting the New Parity 64
3.5 Notes and Questions 70
4 STERLING, DOLLARS AND GOLD 83
4.1 The Pound and the Dollar 83
4.2 The United States Balance of Payments Program 84
4.3 Notes and Questions 88
4.4 The Gold Rush 91
4.5 Notes and Questions 98
4.6 The Problem of World Reserves 101
4.7 Notes and Questions 107
5 THE INTERNATIONAL MONETARY SYSTEM IN CRISIS 115
5.1 The Turn of the Franc 115
5.2 The Turn of the Mark 122
5.3 And Then the Dollar 124
5.31 Spring Fever 124
5.32 Summer Storm 126
5.33 The Ides of August 128
5.4 Notes and Questions 131
6 REPAIRING THE SYSTEM 147
6.1 To the Smithsonian 147
6.2 Notes and Questions on the Smithsonian Agreement 156
7 REFORMING THE SYSTEM 165
7.1 The Beginnings of Reform 165
7.2 The Smithsonian Agreement Unravels 169
7.3 Monetary Reform: From Long Term to Interim 173
7.4 Notes and Questions 178
8 REVISING THE SYSTEM 189
8.1 "Immediate Steps" 189
8.11 Valuation of Special Drawing Rights 189
8.12 The Oil Facility 191
8.13 Managing the Interim 193
8.2 The Old Problems 197
8.21 Gold 197
8.22 Quotas 202
8.23 Exchange Rates 203
8.3 Resolution at Jamaica 206
8.4 Notes and Questions 209
9 A LOOK BACK—THE INTERNATIONAL MONETARY SYSTEM AND PRIVATE ACTIVITY 227
9.1 The IMF and the Conflict of Laws 227
9.11 Exchange Controls of Foreign Countries 228
9.12 Payment in What Currency? 247
9.2 Notes and Questions 266
9.3 Floating Rates and the Businessman 284
9.31 Mitigating the Exchange Risk 285
9.32 Who Acts in an Exchange Crisis? 289
9.33 The Translation Problem—Not Language but Numbers 295
9.4 Final Notes and Questions 300