The decade of the 1970s was one of turbulence in international monetary arrangements - the exchange rates fluctuated through a wide range, national price levels more than doubled fueled partly by several oil price shocks, and the external debts of the developing countries increased from $120 billion to

Notes on the Contributors - Introduction; R.Z.Aliber - PART 1 THE RECENT PAST - The Evolving International Monetary System: Past Plans and Optimality; H.G.Grubel - Unexpected Real Consequences of Floating Exchange Rates; R.McCulloch - Toward a More Orderly Exchange Rate System; J.R.Artus - The Wage and Price Adjustment Process in Six Large OECD Countries; R.J.Gordon - Fixed Exchange Rates, Flexible Exchange Rates, or the Middle of the Road: A Re-examination of the Arguments in View of Recent Experience; H.Genberg and A.K.Swoboda - PART 2 INTERNATIONAL RESERVES AND INTERNATIONAL MONEY - Internationally Managed Money Supply; G.M.von Furstenberg - Changing Perceptions of International Money and International Reserves in the World Economy; K.A.Chrystal - Gold: Does it Provide a Viable Basis for the Monetary System? R.N.Cooper - Gold in the International Monetary System: A Catalogue of the Options; R.Z.Aliber - Gold Monetisation and Gold Discipline; R.P.Flood and P.M.Garber - Gold in the Optimal Portfolio; D.A.Hsieh and J.Huizinga - An Analysis of the Management of the Currency Composition of Reserve Assets and External Liabilities of Developing Countries; M.P.Dooley - The Theory of the Lender of Last Resort and the Eurocurrency Markets; J.R.Shafer - The Endogeneity of International Liquidity; P.M.Oppenheimer - Index