Abstract

In this paper the author discusses the dynamics of the international monetary
regimes. In opposition to mainstream economics, these regimes are seen as irreversible historical
institutions characterized by a structural instability. They are defined by the degree of
exchange rate rigidity, by the mobility of capitals, and by weight of internal objectives in the
preference function of governments. Their dynamics is based on an irreversible sequence defined
by the increasing degradation of macroeconomic adjustments, leading to the accumulation
of tensions and to a structural instability, as the world economy changes, and finally
to questioning the founding principles of the international monetary regime.

JEL Classification: E58; E42; F33; F36.