The Future of the International Monetary System

adjustment assets balance Bank of Japan billion bonds borrowing Bretton Woods system central banks changes chapter country's currency debt deficit demand for financing deposits Diaz Alejandro domestic economic equation exchange-rate expansion expansionary export Federal Reserve financial institutions financial markets fixed exchange rates floating exchange rates fluctuations foreign foreign-exchange markets funds gold standard important increase industrial countries inflation international financial International Monetary Fund international monetary system intervention investment issue Japanese financial system last resort LDCs lender of last lending liabilities loans long-term macroeconomic ment monetary base monetary policy money growth money supply nominal oil prices oil-importing oil-price OPEC payments percent period policymakers Ponzi price level price of oil problems production profits real interest rates relative price result rise risk ROW output shock spill-over effects stability structure targets tion tional trade U.S. dollar U.S. monetary U.S. output United wage