The world monetary system after postponement of the substitution account |
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| Authors: | Henry C. Wallich |
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| Affiliation: | 1. Board of Governors of the Federal Reserve System, Washington, D. C.
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| Abstract: | Recently the Interim Committee of the International Monetary Fund met in Hamburg without making significant progress on the proposal for a substitution account. One of the main initiatives toward restructuring the international monetary system thus was postponed if not indefinitely suspended. What problem was the substitution account designed to solve? Can it be solved without the substitution account? |
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