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1 1 (1976)

handle is hein.amenin/aeiaaib0001 and id is 1 raw text is: contains the edited pro- ccedings of an October 1974 conference sponsored jointly by the American Enterprise Institute and the United States Department of the Treasury. As is emphasized throughout the volume, the rapid growth of Eurocurrencies, occurring largely beyond the control exercised by national financial policies, signals a con- comitant increase in financial interdependence among nations. This conference brought together experts from universities, governments, and international agencies to identify the effects of the growth of Eurocurrencies upon the international monetary system and the implications of these effects for the conduct of national financial policies. There emerged a partial consensus that the inflationary impact of the Eurocurrency system has probably been low enough to preclude a recom- mendation for greater governmental control over the system. In Part One of the volume, John H. Makin provides a longer-run perspective on the role played by Eurocurrency growth in reducing the viability of independent national financial policies and in bringing about general acquiescence to the abandonment of fixed exchange-rate parities. The chairman of the session was Paul W. McCracken and the discussants were Alexander K. Swoboda, Franco Modigliani, Jurg Nichans and Robert Z. Aliber. Part Two includes two papers focusing on the workings of international capital markets. Dennis E. Logue, Michael A. Salant and Richard J. Sweeney investigate the degree of integration in international capital markets. Richard J. Herring and Richard C. Marston examine the relationship of the Eurocurrency market to the determination of national interest rates and forward exchange rates. The chairman of the session was Ralph C. Bryant and the discussants were Peter B. Kenen, Zoran S. Hodjera, Paolo Savona and Deane Carson. In Part Three, Thomas D. Willett considers appropriate national monetary and fiscal policies under alternative exchange-rate systems. Mr. Willett was chair- man of the session, and Richard N. Cooper, William H. Branson, Gottfried Haberler, Paul Wonnacott and David I. Fand were the discussants. In Part Four, Carl H. Stem looks at the advisability of imposing some control on the Eurocurrency system through instruments analogous to those employed in controlling national financial systems. William Feliner was chairman of the session, and the discussants were Hamish McRae, Fischer Black, Helmut W. Mayer and Polly R. Allen. An annotated bibliography prepared by Ragnhild Mowill, John H. Makin and Carl H. Stem concludes the volume. 0 C til tQ EUROCURRENCIES AND THE INTERNATIONAL MONETARY SYSTEM Edited by Carl H. Stem, John H. Makin, and Dennis E. Logue

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