Abstract
For several years the problem of international monetary reform has been discussed ad nauseam in terms of:— convertibility of «overhang» dollar balances— the supply of an «adequate» level of international reserves and the official price of gold— the selection of a regime of exchange rates.However, little new thought has been given to the issue of what it is that the exchange rate is supposed to measure and what it is that a regime of international payments is supposed to accomplish.Instead, in most discussions, implicitly or explicitly, it has been taken for granted that there must be some set of «equilibrium exchange rates» for which international trade flows and welfare are somewhat optimized.
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