This book argues for a new conceptual framework that analytically distinguishes between North-South monetary co-ordination, which involves an international key currency, and South-South arrangements between economies all marked by external indebtedness and the resulting macroeconomic instabilities ('original sin'). In this light, the book analyzes different types of monetary co-ordination, ranging from ad hoc exchange rate policy agreements to projects of a common supranational currency, and it examines selected regional cases in Eastern Europe, North and South America, Africa and Asia.

This book argues for a new conceptual framework that analytically distinguishes between North-South monetary co-ordination, which involves an international key currency, and South-South arrangements between economies all marked by external indebtedness and the resulting macroeconomic instabilities ('original sin'). In this light, the book analyzes different types of monetary co-ordination, ranging from ad hoc exchange rate policy agreements to projects of a common supranational currency, and it examines selected regional cases in Eastern Europe, North and South America, Africa and Asia.

List of Figures and Tables Notes on the Contributors Preface PART 1: DEBTOR ECONOMIES AND PERSPECTIVES FOR REGIONAL MONETARY COORDINATION Monetary Coordination involving Developing Countries: The Need for a New Conceptual Framework; B.Fritz & M.Metzger 'Original Sin' and Monetary Cooperation; U.Panizza Comment on ' 'Original Sin' and Monetary Cooperation' by Ugo Panizza; W.Schelkle Chances and Limits of South-South Monetary Coordination; J.Kregel Comment on 'Chances and Limits of South-South Monetary Coordination' by Jan Kregel; P.Nunnenkamp Exchange Rate Management in Developing Countries: The Need for a Multilateral Solution; H.Flaßbeck PART 2: CASES OF REGIONAL MONETARY COORDINATION Exchange Rate Policies and Institutional Arrangements in the Transition Process to European Monetary Union; P.Bofinger Perspectives for a Monetary Union between Argentina and Brazil; F.C.de Carvalho Comment on 'Perspectives for a Monetary Union between Argentina and Brazil' by F. Cardim de Carvalho; M.Nitsch So Far from God and So Close to the US Dollar: Contrasting Approaches of Monetary Coordination in Latin America; B.Fritz The Common Monetary Area in Southern Africa: A Typical South-South Coordination Project?; M.Metzger The CFA-Zone: A Positive Example of Monetary Coordination?; J.Suchanek Comment on 'The Common Monetary Area' by Martina Metzger and 'The CFA-Zone' by Jan Suchanek; D.F.Kohnert The Advancement of Monetary Regionalism in East Asia; H.Dieter Comment on 'The Advancement of Monetary Regionalism in East Asia' by Heribert Dieter; B.Reszat Index