Product Description: This book collects together the basic documents of an approach to the theory and policy of the balance of payments developed in the 1970s. The approach marked a return to the historical traditions of international monetary theory after some thirty years of departure from them – a departure occasioned by the international collapse of the 1930s, the Keynesian Revolution and a long period of war and post-war reconstruction in which the international monetary system was fragmented by exchange controls, currency inconvertibility and controls over international trade and capital movements...read more

Product Description: The studies in this book deal with the determination of foreign exchange rates and the characteristics of the foreign exchange market. Analysis is made of flexible exchange rates through an approach developed by the authors, called the ‘asset-market approach’...read more

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Product Description: The fiftieth anniversary of the Bretton Woods Conference served as an opportunity to reappraise the desirability of strengthening the IMF’s oversight of the functioning of the international monetary system. Whatever the design of an exchange rate system and the arrangements for the provision of international liquidity, it is widely accepted that to be effective such oversight must rest on a strong analytic foundation...read more

Product Description: Frenkel and Razin's text was first published in 1987. Although the authors' original objective remains the same in this new edition - to provide a comprehensive treatment of the intertemporal approach to international macroeconomics - they incorporate important theoretical developments that have occurred around the recent globalization of national economies, culminating in the single European market of 1992...read more

Product Description: Proceedings of an (unnamed) conference, Washington, D.C., 13-15.1.1991. Published in association with De Nederlandsche Bank

The ongoing process of increased integration of national economies, culminating in the single European market of 1992, still leaves as virtually separate the national fiscal systems. In this book international economists Jacob Frenkel and Assaf Razin join forces with public finance economist Efraim-Sadka to provide a new treatment of international taxation, one that focuses on the interactions between fiscal policies of sovereign nations and the magnitude and directions of international capital and goods flow in an integrated world economy. They unfold a lucid and clear analysis of the implications of tax competition, tax harmonization, capital flight, external imbalances, and the terms of trade for the design of efficient national tax systems. The book extends concepts developed in Frenkel and Razin's Fiscal Policies and the World Economy and includes a theory of taxation in an open world economy.International Taxation in an Integrated World presents the stylized facts and concepts and outlines the main issues of international taxation and the implications for the international movements of goods and capital. It reviews the principles of international taxation and international macroeconomics, analyzes the international transmission of various tax and budget policies, and provides a rigorous analysis of optimal open economy tax policy in an integrated world economy. Special emphasis is placed on the interdependence between direct and indirect taxes and on the international allocation of saving, investment, and production.Jacob A. Frenkel is Director of Research and Economic Counselor at the International Monetary Fund. Assaf Razin is Daniel Ross Professor of International Economics at Tel Aviv University. Both are Research Associates at the National Bureau of Economic Research. Efraim Sadka is Professor of Economics at Tel Aviv University.

Product Description: This study identifies the key characteristics of a successful exchange rate system. It focuses on regimes in the industrial countries and considers the implications for the operation of the international monetary system.

Product Description: Since the five largest industrial democracies concluded the Plaza Agreement in 1985, the theory and practice of international economic policy coordination has become the subject of spirited academic and public-policy debate. While some view policy coordination as crucial for the construction of an improved international monetary system, others fear that it risks delaying or weakening the implementation of macroeconomic and structural policies...read more

Product Description: This volume brings together nine papers from a conference on international macroeconomics sponsored by the NBER in 1985. International economists as well as graduate students in the fields of global monetary economics, finance, and macroeconomics will find this an outstanding contribution to current research...read more

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