New Institutional Arrangements For The World Economy (studies In International Economics And Institutions)

New Institutional Arrangements for the World Economy Hans-Jiirgen Vosgerau, Konstanz I. The Problem During the first days of July 1987 the newly established Sonderforschungs­ bereich 178 "Internationalisierung der Wirtschaft" held its first symposium in Konstanz/Bodensee. "New Institutional Arrangements for the World Economy" were discussed by a group of economists and lawyers working in the fields of interna­ tional trade, international monetary economics, international finance, international public choice, and international economic law. Cooperation between these areas of research is an important condition for attaining the long-term aim of the Sonderforschungsbereich, viz. analysis of the complex interdependencies between international economic transactions of various kinds and international economy­ related institutions in a broad sense. The nature of these interdependencies seems to be crucial for the world economy's further development. A better understanding of their characteristics will be helpful for the solution of most imminent international economic problems. Four problem areas were especially addressed during the conference, each con­ sisting of three or four contributions. The revised papers are presented in this volume, each followed by a comment of the invited discussant, or by a summary of the discussion. The last contribution is meant as a summary conclusion and has no comment. The four problem areas discussed were: (1) Exchange rate stabilization and econ­ omic policy coordination, (2) International financial markets and their regulation, (3) Protectionism and the Uruguay GAIT-round, and (4) The institutional frame­ work for international production. Front Matter....Pages I-IX New Institutional Arrangements for the World Economy....Pages 1-6 Front Matter....Pages 7-7 A Public Choice Analysis of Strategies for Restoring International Economic Stability....Pages 9-30 Comments....Pages 31-33 Implications of Alternative International Exchange Rate Arrangements for the Developing Countries....Pages 34-84 Comments....Pages 85-88 The European Monetary System: A Regional Bretton Woods or an Institutional Innovation?....Pages 89-118 Comments....Pages 119-122 Front Matter....Pages 123-123 Domestic Bank Regulation in a World of International Banking....Pages 125-149 Comments....Pages 150-174 The Internationalization of Financial Markets and the Regulatory Response....Pages 175-209 Comments....Pages 210-212 Economic Analysis of Debt-Equity Swaps....Pages 213-233 Comments....Pages 234-237 Competitive Performance, Regulation and Trade in Banking Services....Pages 238-250 Comments....Pages 251-253 Front Matter....Pages 255-255 Does The World Need a GATT for Services?....Pages 257-275 Comments....Pages 276-283 Policy Motives and International Trade Restrictions....Pages 284-302 Comments....Pages 303-309 Protectionist Rules and Internationalist Discretion in the Making of National Trade Policy....Pages 310-323 Front Matter....Pages 255-255 Comments....Pages 324-329 Front Matter....Pages 331-331 Institutional Arrangements for Natural Resources....Pages 333-365 Summary of the Discussion....Pages 366-367 Property Rights in Information and the Multinational Firm: The Case of Technical Learning in a Multiplant System....Pages 368-400 Comments....Pages 401-408 New Institutional Arrangements in International Economic Law: The Working of Codes of Conduct....Pages 409-435 Comments....Pages 436-437 Competing Institutional Arrangements and Internationalization....Pages 438-478 Back Matter....Pages 479-484