Reflections on a Troubled World Economy: Essays in Honour of Herbert Giersch (Essays in Honor of Herbert Giersch Series)

Trade Policy Research Centre tions programme which includes a quarterly journal, The World Economy. In general, the Centre provides a focal point for those in business, the universities and public affairs who are interested in the problems of international economic relations-whether commercial, legal, financial, monetary or diplomatic. The Centre is managed by a Council, set out above, which represents a wide range of international experience and expertise. Publications are presented as professionally competent studies worthy of public consideration. The interpretations and conclusions in them are those of their respective authors and should not be attributed to the Council, staff or associates of the Centre which, having general terms of reference, does not represent a consensus of opinion on any particular issue. Enquiries about membership (individual, corporate or library) of the Centre, about subscriptions to The World Economy or about the Centre's publications should be addressed to the Director, Front Matter....Pages i-xxxix Front Matter....Pages 1-1 Coordination or Competition among National Macro-economic Policies?....Pages 3-28 Strong and Weak Elements in the Concept of European Integration....Pages 29-56 Front Matter....Pages 57-57 The Logic of the International Monetary Non-system....Pages 59-74 Key Currencies and Financial Centres....Pages 75-90 Gold and the Uneasy Case for Responsibly Managed Fiat Money....Pages 91-116 Interest Payments on Commercial Bank Reserves to Curb Euro-money Markets....Pages 117-135 Front Matter....Pages 137-137 Autonomous and Induced Items in the Balance of Payments....Pages 139-170 Exchange-rate Intervention: Arbitrage and Market Efficiency....Pages 171-187 Disillusionment in the Conduct of Exchange-rate Policies....Pages 188-208 Front Matter....Pages 209-209 Economic Malaise and a Positive Programme for a Benevolent and Enlightened Dictator....Pages 211-223 The Supply-side Approach to Macro-economic Policy: the West German Experience....Pages 224-237 Welfare Economics, Public Finance and Selective Aid Policies....Pages 238-253 Front Matter....Pages 255-255 Industrial Prospects and Policies in the Developed Countries....Pages 257-278 Re-appraisal of Foreign Trade Strategies for Industrial Development....Pages 279-301 Impact of the Energy Crisis on the Third World and the Prospects for Adjustment....Pages 302-324 Front Matter....Pages 325-325 The Perception of Man and Justice and the Conception of Political Institutions....Pages 327-355 Schumpeter and Hayek: on Some Similarities in their Thought....Pages 356-364 Back Matter....Pages 365-381