International monetary reform : an Introducation

The international monetary scene has been marked by confusion and chaos" in the last 2-3 years. Principally on. account of the serious weakness of the U.S. Dollar, the world currency system is moving from one crisis to another, affecting the economies of the developed as well as the developing countries. There is therefore widespread interest in the subject of international finance among not only the academic people but also businessmen and the general public.

In view of the recent troubles, there is a growing view that the international monetary system is inherently defective and needs to be reformed radically. While reforms are welcome, the extra ordinary progress made in the sphere of international monetary cooperation in the past 25 years, especially under the aegis of the International Monetary Fund, needs to be appreciated.

After a brief reference to the funda mentals of balance of payments, the volume gives a detailed account of the structure and working of the IMF, the birth of SDRS, the weaknesses of the present system and the troubles of the U.S. Dollar and also discusses important aspects of the reform of the international monetary system - the adjustment process, the future of gold and the U.S. Dollar, reform of the SDRS system and problems and needs of the developing countries.