ECONOMICS 366

International Payments and Finance Fall 2004

Instructor: S. DodaroOffice Hours:

Office: 401 Immaculata Hall Monday: 9:00 a.m. – 11:30 a.m.

Telephone: 867-3945 Tuesday: 12:30 p.m. – 2:00 p.m.

Email: Wednesday: 9:00 a.m. – 10:30 a.m.

Thursday: 9:00 a.m. – 12:30 p.m.

At other times by appointment

Course Description

The course provides an in depth analysis of the theory and practice of International Payments and Finance. It addresses and examines many of the most pressing issues facing the international economic environment along with their policy implications.

Student Evaluation

1) 3 of 4 Assignments ------30.0%

2) 2 term tests------30.0%

3) Final Examination------40.0%

Required Text:

Dominick Salvatore, International Economics, eighth edition (Wiley, 2004)

Supplementary Texts: (Some available on reserve in the library)

  • Adams, John (ed). The Contemporary International Economy: A Reader, Second Edition (St. Martin's Press, 1985). HF 1411 C579
  • Baldwin, R. E. and J. D. Richardson (eds). International Trade and Finance, Third Edition (Little, Brown, 1986). HF 1411 I5182
  • Baldwin, R. E. and J. D. Richardson (eds). International Trade and Finance, Second Edition (Little, Brown, 1981).
  • Brown, Wilson B.and Jan S. Hogendorn. International Economics in the Age of Globalization(Broadview Press, 2000). HF 1359 B768
  • Calvo, Guillermo A., Rudi Dornbusch & Maurise Obstfeld (eds). Money, Capital Mobility and Trade: Essays in Honor of Robert A Mundell (MIT Press, 2001). HF 1359 M666
  • Caves, R.E.Caves and H. G. Johnson (eds). American Economic Association, Readings in International Economics (Richard D. Irwin, Inc., 1968). UCCB
  • Copeland, Laurence S. Exchange Rates and International Finance 3rd edition (Addison Wesley, 2000).
  • Daniels, Joseph P. and David D. VanHoose. International Monetary and Financial Economics (South-Western, 1999)
  • Daniels, Joseph P. and David D. VanHoose. International Monetary and Financial Economics with Economic Applications 3rd edition (South-Western 2005)
  • Daniels, Joseph P. and David D. VanHoose. Global Economic Issues and Policies with Economic Applications (South-Western, 2004)
  • Ellsworth, P. T. and J. C. Leith. The International Economy, Fifth Edition (Macmillan, 1975).
  • Evans, John S. International Finance (Dryden Press, 1992).
  • Gerber, James. International Economics 3rd edition (Addison-Wesley, 2005)
  • Goldberg, Linda S.and Michael W. Klein (eds). Current Issues in the International Economy (Harper Collins, 1992). HF 1411 C8
  • Grossman G. M.and K. Rogoff (eds). Handbook of International Economics Vol. 3 (North-Holland, 1995). HF 1411 H257 vol. 3
  • Husted, Steven and Michael Melvin. International Economics 6th edition (Addison Wesley, 2004)
  • Jones, R. W. and P. B. Kenen (eds). Handbook of International Economics, Vols. I & II (North-Holland, 1985). HF 1411 H257 vols. 1 & 2
  • King, Philip(ed). International Economics and International Economic Policy: A Reader (McGraw-Hill, 1990). HF 1379 I57
  • King, Philip(ed). International Economics and International Economic Policy: A Reader Second Edition (McGraw-Hill, 1995). SMU
  • King, Philip, International Economics and International Economic Policy: A Reader Third Edition (Irwin McGraw-Hill, 2000)
  • Krugman, Paul R. and Maurice Obstfeld. International Economics, 6h Edition (Addison Wesley, 2003
  • Lindert, Peter H. International Economics, Ninth Edition (Irwin, 1991).
  • Rivera-Batiz, Francisco L. and Luis A. Rivera-Batiz. International Finance and Open Economy Macroeconomics Second Edition (Macmillan, 1994). HG 3881 R527
  • Root, Franklin R. International Trade and Investment Seventh Edition (South-Western Publishing Co., 1994)
  • Valdez, Stephen, An Introduction to Global Financial Markets (Palgrave, 2000). HG 173 V184
  • Valdez, Stephen, An Introduction to Global Financial Markets4th edition (Palgrave, 2003).
  • Yarbrough, Beth V.and Robert M. Yarbrough, The World Economy: Trade and Finance Fifth Edition (Dryden Press, 2000)

Additional Useful References:

  • Agenor, Pierre-Richard et al (eds), The Asian Financial Crisis: Causes, Contagion and Consequences (Cambridge University Press, 1999). HB 3722 A83
  • Akyuz, Yilmas, Reforming the Global Financial Architecture: Issues and Proposals (Palgrave, 2002) HG 3881 R3616
  • Alesina, Alberto and Robert J. Barro. Currency Unions (Hoover Institution Press, 2001)
  • Allen, Roy E., Financial Crises and Recession in the Global Economy (Edward Elgar, 1999).

HB 3722 A36

  • Argy, Victor. The Postwar International Monetary Crisis (Allen & Unwin, 1981). HG 3881 A745
  • Berry, Albert and Gustavo Indart (eds). Critical Issues in International Financial Reform (Transaction Publishers, 2003)
  • Bhagwati, Jagdish N.Political Economy and International Economics (MIT Press, 1991).
  • Bird, Graham R. The IMF and the Future: Issues and Options Facing the Fund (Routledge, 2003). HG 3881.5 I58 B523
  • Bird, Graham R., International Finance and the Developing Economies (Palgrave, 2004) on order
  • Bird, Graham R. & Ramkishen S. Rajan, The Evolving Financial Architecture (PrincetonUniversity, 2002) HG 136 P7 no. 226
  • Blejer, M. I., J. I. Frenkel, L. Leiderman, A Razin and D. M. Clancy (eds). Optimum Currency Areas: New Analytical and Policy Developments (IMF, 1997). HG 3894 O67
  • Bordo, Michael D. and Barry Eichengreen (eds). A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform (Univ. of Chicago Press, 1993). HG 3881 R425
  • Calvo, Guillermo A., Rudi Dornbusch & Maurise Obstfeld (eds). Money, Capital Mobility and Trade: Essays in Honor of Robert A Mundell (MIT Press, 2001). HF 1359 M666
  • RichardE.Caves. Multinational Enterprise and Economic Analysis (Cambridge University Press, 1982).
  • Christelow, Dorothy B. When Giants Converge: The Role of U.S.-Japan Direct Investment (M.E. Sharpe, 1995). HG 4538 G518
  • Cooper, Richard N. Economic Policy in an Interdependent World: Essays in World Economics (MIT Press, 1986).
  • Cooper, Richard N. The International Monetary System (MIT Press, 1988). HG 3881 C6733
  • Copeland, Laurence S. Exchange Rates and International Finance (Addison Wesley, 1989).

HG 3821 G78

  • Corden, W. Max. Too Sensational: On the Choice of Exchange Regimes (MIT Press, 2002).

HG 3851 C66

  • Culpeper, Roy and Devesh Kapur. Global Financial Reform: How? Why? When? (North-South Institute, 2000). HG 3881 G574
  • Culpeper, Roy, Albert Berry and Frances Stewart (eds). Global Development Fifty Years after Bretton Woods (North-South Institute and Macmillan, 1997). HG 3881 G5727
  • Daniels, Joseph P., Karl Kaiser and John J. Kirton (eds), Shaping the New International Financial System: Challenges of Governance in a Globalizing World (Ashgate, 2000). SMU
  • Davidson, Paul. International Money and the Real World Second Edition (Macmillan, 1992).

HG 221 D21

  • De Grauwe, Paul. The Economics of Monetary Integration (Oxford University Press, 1992).

HD 930.5 G674

  • De Grauwe, Paul. The Economics of Monetary Union (OxfordUniversity Press, 2003). SMU
  • De Melo, Jaime and Arvind Panagarija (eds). New Dimensions in Regional Integration (Cambridge University Press, 1993).
  • Dobson, Wendy, Gary Clyde Hufbauer and Hyun Koo Cho. World Capital Markets: Challenge to the G-10 (Institute for International Economics, May 2001). HG 4523 D63
  • Dornbusch, Rudiger and Jacob A. Frenkel (eds). International Economic Policy: Theory and Evidence (Johns Hopkins Univ. Press, 1979).
  • Dunning, J. H. (ed). International Investment (Penguin Books, 1972). DALKIL
  • Dunning, J. H.. International Production and Multinational Enterprise (Allen & Unwin, 1981).

HD 2755.5 D867

  • Dunning, John and Jean Luis Mucchielli (eds). Multinational Firms: The Global-Local Dilemma (Routledge, 2002). SMU
  • Edwards, Sebastian. Real Exchange Rates, Devaluation and Adjustment (MIT Press, 1989).

HG 3877 E383

  • Eichengreen, Barry. European Monetary Unification: Theory, Practice and Analysis (MIT Press, 1997). HG 3942.8 E45
  • Eichengreen, Barry J. Financial Crises and What to do About Them (Oxford University Press, 2002).

HB 3722 E36

  • Eichengreen, Barry J. Capital Flows and Crises (MIT Press, 2003). HG 3891 E33
  • Eichengreen, Barry J. Globalizing capital: A History of the International Monetary System (Princeton University Press, 1998)
  • Eichengreen, Barry J. and Peter H. Lindert. The International Debt Crisis in Historical Perspective (MIT Press, 1989). HJ 8011 I63
  • Fanelli, Jose M. and Rohinton Medhora (eds). Financial Reform in Developing Countries (IDRC/Macmillan, 1998). HG 195 F55
  • Fratianni, Michele, John J. Kirton and Paolo Savona (eds), Governing Global Finance: New Challenges, G7 and IMF Contributions (Ashgate, 2002) DALKIL
  • Frenkel, J. A. and H. G. Johnson (eds). The Monetary Approach to the Balance of Payments (University of Toronto Press, 1976). MSVU
  • Frenkel, J. A. and Morris Goldstein (eds). Functioning of the International Monetary System (IMF, 1996). DALKIL
  • Friedman, Milton. Dollars and Deficits (Prentice-Hall, 1968). HG 538 F854
  • Froot, Kenneth A.(ed). Foreign Direct Investment (Univ. of Chicago Press, 1994). HG 4538 F618
  • Giovannini, Alberto. The Debate on Money in Europe (MIT Press, 1996). HG 925 G56
  • Gandolfo, Giancarlo. International Finance and Open-Economy Macroeconomics (Springer, 2001)
  • Ghosh, Atish R., Anne Marie Guide and Hoger C. Wolf. Exchange Rate Regimes: Choices and Consequences (MIT Press, 2003). HG 3851 G47
  • Goldstein, Morris, The Asian Financial Crisis: Causes, Cures and Systemic Implications (Institute for International Economics, 1998)
  • Goldstein, Morris and John Turner, Controlling Currency Mismatches in Emerging Market (Institute for International Economics, 2004) HG 3877 G65
  • S. F. Goodman. The European Community Second Edition (St. martin’s Press, 1990).

HC 241.25 G7 G67

  • Gray, H. Peter and Sandra C. Richard (eds). International Finance in the New World Order (Pergamon, 1995). HG 3881 I576
  • Grimwade, Nigel. International Trade: New Patterns of Trade, Production and Investment (Routledge, 1989). SMU
  • Griffith-Jones, S. and A. Battacharya (eds), Developing Countries and the Global Financial System (Commonwealth Secretariat, 2001). STFX Coady 337 G875d
  • Hamouda, Omar F., Robin Rowley and Bernard M. Wolf (eds).The Future of the International Monetary System (M.E. Sharpe, 1989). HG 3881 F873
  • Harrop, Jeffrey. Political Economy of Integration in the European Community3rd edition (Edward Elgar, 2000). HC 240 H3516
  • Helleiner, Eric. States and the Reemergence of Global Finance (Cornell University Press, 1994)

HG 3881 H418

  • Helleiner, Gerald K., Capital Account Regimes and the Developing Countries (St. Martin's Press, 1998) DALKIL
  • Helleiner, Gerald K.. International Economic Disorder (University of Toronto Press, 1981).

HF 1413 H439

  • Helleiner, Gerald K.(ed). A World Divided: The Less Developed Countries in the International

Economy (Cambridge University Press, 1976). HC 59.7 W66

  • Hogan, W. P. and Ivor F. Pearce. The Incredible Eurodollar (Allen & Unwin, 1982). HG 3897 H63
  • Hogan, W. P. and Ivor F. Pearce. The Incredible Eurodollar Revised edition (Allen & Unwin, 1983).

NSAC

  • Hooper, Peter and J. David Richardson (eds). International Economic Transactions (University of Chicago Press, 1991). HC 106.3 C714
  • Hudson, Michael. Trade, Development and Foreign Debt Vols 1 & 2 (Garamond Press, 1992).

HF 1713 H83

  • IMF. Balance of Payments Manual (IMF, 1993). HG 3881 I618 (Reference)
  • IMF. Balance of Payments Textbook (IMF, 1996). HG 3882 B342
  • Isard, Peter. Exchange Rate Economics (Cambridge University Press, 1995)
  • Ito,Takatoshi and Anne O. Krueger (eds). Macroeconomic Linkages: Savings, Exchange Rates, and Capital Flows (Univ. of Chicago Press, 1994). HG 5770.5 A3 M33
  • Ito,Takatoshi and Anne O. Krueger (eds). Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice and Policy Issues (University of Chicago Press, 1999). SMU
  • Ito,Takatoshi and Anne O. Krueger (eds). Regional and Global Capital Flows: Macroeconomic Causes and Consequences (University of Chicago Press, 2001). SMU
  • James, Harold. International Monetary Co-operation Since Bretton Woods (Oxford University Press, 1996). HG 3881 J33
  • Kenen, Peter B. The International Financial Architecture: What’s New?, What’s Missing? (Institute for International Economics, 2001). HG 3881 K238
  • Kenen, Peter B. and Alexander K Swoboda (eds). Reforming the International Monetary and Financial System (IMF, 2000). NSAC
  • Kenen, Peter B., Fabrizio Saccomanni and Francesco Papadia (eds). The International Monetary System (Cambridge University Press, 1994). HG 3851 I543
  • Krueger, Anne O. Exchange Rate Determination (Cambridge University Press, 1983). HG 3851 K7
  • Krugman, Paul R. Pop Internationalism (MIT Press, 1996). HF 1359 K794
  • Krugman, Paul R. Currencies and Crises (MIT Press, 1992). HG 3881 K77
  • Krugman, Paul R. Exchange Rate Instability (MIT Press, 1989). HG 3851 K73
  • Lamfalussy, Alexandre. Financial Crises in Emerging Markets (YaleUniv. Press, 2000)
  • Letiche, John M. (ed). International Economic Policies and their Theoretical Foundations (Academic Press, 1982). SMU
  • Letiche, John M. (ed). International Economic Policies and their Theoretical Foundations Second Edition (Academic Press, 1992). HF 1411 I51716
  • Levin, Jay H. A Guide to the Euro (Houghton Mifflin, 2002)
  • Lyons, Richard K. The Microstructure Approach to Exchange Rates (MIT Press, 2001)
  • MacBean A. I. and P. N. Snowden. International Institutions in Trade and Finance (George Allen and Unwin, 1981). HD 82 M268
  • McKinnon, R. I. Money in International Exchange (Oxford Univ. Press, 1979). HG 3881 M2737
  • McKinnon, R. I. The Rules of the Game (MIT Press, 1996). HG 3881 M396
  • Meier, Gerald M. Problems of a World Monetary Order, 2nd edition (Oxford University Press, 1982). HG 3881 M43
  • Mussa, Michael, James M. Boughton and Peter Isard (eds). The Future of the SDR in Light of Changes in the International Financial System (IMF, 1996) HG 3898 F87
  • Noble, Gregory W. and John Ravenhill (eds). The Asian Financial Crisis and the Architecture of Global Finance (CambridgeUniversity Press, 2000) HB 3808 A858
  • Padoa-Schioppa, Tommaso. The Euro and Its Central Bank: Getting United After the Union MIT Press, 2004)
  • Pilbeam, Keith. International Finance (Macmillan, 1992).
  • Roubini, Nouriel and Brad Setser. Bailouts or Bail-ins? Responding to Financial Crises in Emerging Economies (Institute for International Economics, 2004)
  • Rugman, Alan M. and Joseph R. D’Cruz. Multinationals as Flagship Firms: Regional Business Networks (OxfordUniversity Press, 2000). HD 62.4 R844
  • Sarno, Lucio and Mark P. Taylor. The Microstructure of the Foreign Exchange Market: A Selective Survey of the Literature (PrincetonUniversity, 2001) HG 136 P75
  • Sarno, Lucio and Mark P. Taylor. New Developments in Exchange Rate Economics (Edward Elgar, 2002)
  • Sinn, Hans Werner, Mika Widgren and Marko Kothenburger (eds). European Monetary Integration (MIT Press, 2004)
  • Stern, Robert M.(ed). Trade and Investment in Services: Canada/US Perspectives (Ontario Economic Council, 1985). DALKIL
  • Tew, Brian. The Evolution of the International Monetary System 1945-81, 2nd edition (Hutchinson, 1982). MSVU
  • Tirole, Jean. Financial Crises, Liquidity and the International Monetary System (PrincetonUniversity Press, 2002). HB 3722 T576
  • .UNCTAD. International Monetary and Financial Issues for the 1990s Vols 1-6 (UNCTAD, 1992-1995).
  • Van Meerhaeghe, M. A. G. International Economic Institutions Seventh Edition (Kluwer, 1997)

HF 1359 M4413

  • Verner, Dorte. The Impact of the Euro on Latin America (World Bank, 2000)
  • Visser, Hans. A Guide to International Monetary Economics Second edition (Edward Elgar, 2001)
  • Williamson, John. Exchange Rate Regimes for Emerging Markets: Reviving the Intermediate Option (Institute for International Economics, September 2000)
  • Yotopoulous, Pan A.. Exchange Rate Parity for Trade and Development: Theory, Tests and Case Studies (Cambridge University Press, 1995). HG 3877 Y68

Journals:

American Economic Review

Brookings Papers on Economic Activity

Canadian Journal of Economics

Challenge

Economic Inquiry

Economia Internazionale

Economic Journal

Economica

Economist

European Economic Review

Finance and Development

International Economic Review

IMF Staff Papers

Journal of Economic Literature

Journal of Economic Perspectives

Journal of International Economics

International Trade Journal

Journal of Political Economy

Kyklos

Manchester School of Economics and Social Studies

Oxford Economic Papers

Policy Options

Quarterly Journal of Economics

Review of Economics and Statistics

Southern Economic Journal

Weltwirtschaftliches Archiv

World Economy

COURSE OUTLINE

All students are required to read the Salvatore text. Additional required reading will be assigned at the start of each topic. All other material is intended for students who wish to pursue specific topics further (or may wish to sample an alternate presentation).

1.Balance of Payments Accounts

Salvatore, chapter 13 (Plus Appendix)

Brown and Hogendorn, chapter 11

Krugman and Obstfeld, chapter 12

Husted and Melvin, chapter 12

Gerber, chapter 9

Daniels and VanHoose (2005), chapter 1

Yarbrough & Yarbrough, chapter 13.

Rivera-Batiz & Rivera-Batiz, chapter 9

  • C. Pestieau. A Balance of Payments Handbook (Canadian-American Committee, 1974).
  • Donald S. Kemp. "Balance-of-Payments Concepts - What do they Really Mean?" Federal Reserve Bank of St. Louis Review July 1975. Reprinted in Adams (1985), pp. 232-250.

2. The Exchange Rate and Foreign Exchange Markets

(i) Foreign Exchange Markets

Salvatore, chapter 14 (Plus Appendix)

Brown and Hogendorn, chapters 13 and 16

Krugman and Obstfeld, chapter 13 (Plus Appendix)

Husted and Melvin, chapter 13

Gerber, chapter 10

Daniels and VanHoose (2005), chapters 2, 4,

Rivera-Batiz and Rivera-Batiz, chapter 1

Evans, chapters 5 & 6

McKinnon, chapters 1-9

  • Cross, Sam Y. “The Structure of the Foreign Exchange Market” in Philip King (2000), pp. 237 – 244.
  • Levich, Richard M. "Empirical Studies of Exchange Rates: Price Behaviour, Rate Determination

and Market Efficiency." in Jones and Kenen (Vol 2, 1985), pp. 979-1040.

  • Rutledge, John. "An Economics's View of the Foreign Exchange Market: Report on Interviews

withWestCoast Foreign Exchange Dealers," in J. S. Dreyer, G. Harberler & T. D. Willet (eds).

Exchange Rate Flexibility (American Enterprise Institute, 1978), pp. 83-88. Reprinted in Baldwin & Richardson (1981), pp. 351-357.

  • Taylor, Mark. "The Economics of Exchange Rates." Journal of Economic Literature Vol, 33, no.1,March 1995, pp. 13-47.

(ii) Exchange Rate Determination and Purchasing Power Parity

Salvatore, chapter 15

Krugman and Obstfeld, chapters 14 (Plus Appendix) and 15

Husted and Melvin, chapter 14

Daniels and VanHoose, chapter 2 (pp. 61 – 68.

  • Cross, Sam Y. “The Determination of the Exchange Rates” in Philip King (2000), pp. 245 – 255.
  • Hopper, Gregory P. “What Determines the Exchange Rate: Market Factors and Market Sentiment” in Philip King (2000), pp. 267 – 277.
  • Krueger, Anne O. Exchange Rate Determination (Cambridge University Press, 1983).
  • Rogoff, Kenneth. "The Purchasing Power Parity Puzzle." Journal of Economic Literature vol. 34, no. 2, June 1996, pp. 647-668.

(iii) Exchange Rate Regimes: Flexible versus Fixed Exchange Rates and

Optimum Currency Areas

Salvatore, chapter 20 (Plus Appendix)

Krugman and Obstfeld, chapters 17, 19 & 20

Yarbrough and Yarbrough, chapter 20 (pp. 859 – 866)

Chacholiades, chapter 18

  • Artus, Jacques R. and John H. Young. "Fixed and Flexible Exchange Rates: A Renewal of the Debate." IMF Staff Papers Vol. 26, no. 4, December 1979. Reprinted in Baldwin and Richardson (1981), pp. 327-351 and Adams (1985), pp. 250-285.
  • Dunn, Robert J. "The Many Disappointments of Flexible Exchange Rates." in Essays in International Finance no 154, December 1983. Reprinted in Baldwin and Richardson (1986), pp. 268-290.
  • Eichengreen, Barry. "European Monetary Unification." Journal of Economic Literature

Vol. 31, no. 3, September 1993, pp. 1321-1357.

  • Euley, Gwen. “Why is Europe Forming a Monetary Union” King (2000), pp. 316-323.
  • Fischer, Stanley. “Exchange Rate Regimes: Is the Bipolar World Correct?” Journal of Economic Perspectives vol. 15, no. 2, Spring 2001, pp. 3-24.
  • Friedman, Milton. "The Case for Flexible Exchange Rates", in M. Friedman. Essays in Positive

Economics (University of Chicago Press. 1953), pp. 157-203; Reprinted in Caves & Johnson

(AEA), chapter 25, pp. 413-437: and King (1990), pp. 276-299 and King (1995), pp. 289-305.

  • IMF. The Exchange Rate System: Lessons of the Past and Options for the Future (Occasional Paper, n. 30, IMF, July 1984).
  • Johnson, H. G. "The Case for Flexible Exchange Rates", in Baldwin & Richardson (1974), pp. 367- 386.
  • Kreinin, M. E. "Living with Floating Exchange Rates: A Survey of Developments 1973-77", World Trade Law, Vol. II, n. 6, November/ December 1977, pp. 514-536.
  • McCulloch, Rachel. "Unexpected Real Consequences of Floating Exchange Rates." in Essays in International Finance no. 153, August 1993. Reprinted in Baldwin and Richardson (1986), pp. 290-304 and Adams (1985), pp. 286-306.
  • McKinnon, R. "Optimum Currency Areas", American Economic Review, September 1963, pp. 717-725. Reprinted in R. N. Cooper (ed), International Finance.
  • Mundell, R. A. "A Theory of Optimum Currency Areas", American Economic Review, September 1961, pp. 657-665.
  • Obstfeld, Maurice and Kenneth Rogoff. "The Mirage of Fixed Exchange Rates." Journal of Economic Perspectives Vol. 9, no. 4, Fall 1995, pp. 73-96.
  • Plumptre, A. F. W. Exchange Rate Policy: Experience with Canada's Floating Rate (Princeton

University, International Finance Section, Essays in International Finance, n. 81, June 1970).

  • Rehman, Scheherazade S. “The Euro as a Global Trade Currency.” International Trade Journal vol. 12, no. 1, Spring 1998, pp. 49-64.
  • Tavlas, George S. "The Theory of Optimum Currency Areas Revisited." Finance and Development Vol. 30, no. 2, June 1993, pp. 32-35. Reprinted in King (1995), pp. 359-365
  • Tavlas, George S. “The International Use of Currencies: the U.S. Dollar and the Euro” in King (2000), pp. 325 - 330
  • Williamson, John . "The Case for Managed Exchange Rates." in John Williamson. The Exchange Rate System (Institute for International Economics, 1983). Reprinted in Adams (1985), pp. 307-330.

3.Eurocurrencies Euromarkets and International Finance