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Extra info for International money and credit : the policy roles
Not for Redistribution 24 THOMAS D. WILLETT may play a very constructive role in international negotiations (see Tollison and Willett (1979)). Such issues need to receive a good deal more attention. Another implication of such distributional concerns is that often countries will be willing to cooperate much more fully on a bilateral or smallgroup basis than on a global level. This means that while the International Monetary Fund should play a crucial role in the management of the international monetary system, making it the exclusive focus of international monetary cooperation would involve a substantial reduction in overall international cooperation.
While this seems a perfectly legitimate end in itself in political terms, it is sometimes combined with a failure to distinguish between marginal and inframarginal effects to imply that there is a prospect of more substantial economic effects than thorough analysis suggests are likely to occur. For example, expansion of the role of the SDR is sometimes advocated as a means of gaining greater control of international liquidity creation. The major sources of uncontrolled international liquidity creation result from exchange market intervention decisions and offical borrowing from the private international financial markets.
International Monetary Fund. Not for Redistribution 26 THOMAS D. WILLETT Not all such aspects of political objectives can be handled so easily, however. Some may require much more fundamental compromises. While adopting a political economy perspective will not be sufficient to avoid all political conflicts through diplomatic skill, it has extremely important implications for analysis of how the international monetary system works and for formulation of realistic strategies for international monetary reform in areas of more fundamental conflict as well.