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By Robert Z. Lawrence

In this capstone quantity within the INE sequence, the authors evaluate the turning out to be strain for deeper foreign integration, discover the strengths and weaknesses of other techniques to facing those pressures, and current concrete proposals to aid in achieving a world group that would stability openness, variety, and harmony. A quantity of Brookings' Integrating nationwide Economies sequence

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Sample text

In the following months the United States lowered its domestic interest rates and Japan and Germany raised theirs. The Louvre accord, concluded in February 1987, initiated a period with target zones for exchange rates. The five Plaza accord nations plus Canada and later Italy agreed to keep their currencies within an unannounced band. Exchange rate fluctuations between 1987 and 1989 were reasonably mild. In subsequent years, however, this system has not been much in evidence. Coordination has sometimes resulted in policies that are inconsistent with domestic goals.

Liberalization and International Governance In the second half of the twentieth century, achievements in liberalizing trade and investment have been remarkable. In the early 1950s the world was still suffering aftereffects from the inward-looking, beggar-thy-neighbor policies that had helped plunge the world into the Great Depression of the 1930s. The legacy of the 1930s was a fragmented world of impoverished Page 2 national economies separated by restrictive quotas and high tariffs and by tight restrictions on currency conversion, capital movement, and direct foreign investment.

The EMS devised a specific mechanism through daily cooperation among central banks, unlimited short-term credits, and joint decisionmaking called the exchange rate mechanism (ERM) to keep bilateral rates within bands. Members in the system proved relatively successful in keeping their exchange rates stable, and the realignments that took place in the first half of the 1980s followed the agreed rules. They were joint decisions regarding the overall parity grid, rather than national devaluation or revaluation.

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