This book argues for a new conceptual framework that analytically
distinguishes between North-South monetary co-ordination, which
involves an international key currency, and South-South
arrangements between economies all marked by external indebtedness
and the resulting macroeconomic instabilities ('original sin'). In
this light, the book analyzes different types of monetary
co-ordination, ranging from ad hoc exchange rate policy agreements
to projects of a common supranational currency, and it examines
selected regional cases in Eastern Europe, North and South America,
Africa and Asia.
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