New Institutional Arrangements for the World Economy

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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.