Sunday, 17 January 2016




---Edited By Dr.Debesh Bhowmik

Regal Publications,F-159,Rajouri Garden,NewDelhi-110027


International Monetary System is the central part of analyzing international trade, international finance, international payments mechanism and international exchange rate mechanism by which the external sector of an economy depends on. On the one hand, international monetary system has its historical aspect too and on the other hand ,it has political economy concept other than the monetary theory. International capital market and the process of trade integration are now the major area of studies in which international monetary system plays the pivotal role where Regional and multilateral international institutions and trading blocs emerge a new paradigm shift of theories in international trade and finance. Keeping with this view, I have attempted to edit this volume where 20 articles have included in which 8 papers are directly related with this theme and other paper explained the global financial crisis, regional integration and international trade respectively.

I think, all these well research papers will be useful to students, research scholars and academicians who are especially involved in the areas of international monetary system.

Dante A. Urbina-Professor, author and lecturer of Complutense University of Madrid and Prof. Carlos Aquino Rodriguez of San Marcos National University, Lima, Peru have written excellent foreword for the book. Both of them appreciated the book which might serve the scholars immensely in studying the international trade, finance and monetary system.

Four parts of the edited book contain,[i] “Economic theories on International Monetary System” in which seven articles are included,eg,

[1]  Asim Kumar Karmakar and Sebak Kumar Jana (Jadavpur and Vidyasagar University)

     -The International Monetary System and the Global Financial Integration

[2] Dante A. Urbina (Complutense University of Madrid)

  • Orthodox Monetary Theory:A Critique from Post Keynesianism and Transfinancial Economics

[3] David M. Fields(Utah University)

     -Dollar Hegemony

[4] David M. Fields and MatiasVernengo(Utah University)

  • Dollarisation

[5] Carlos Aquino Rodriguez(San Marcos National University,Peru)

 -The TPP and the New International Trade Order

[6] Arturo Chian(San Marcos National University,Peru)

  -Quantitative Easing and Financial Instability :From Shadow Banking System to the dealer of the Last Resort

[7] Mahendra Pal(Delhi School of Economics)

 -The IMF Conditionality :Theory and Application in India

[8 –SomnathKarmakar(Project-in-charge,Bhirbhum District,WB.)

--The International Financial Architecture:Past,Present and Future


In Part-2,Global Financial Crisis and its impact has 5 important articles which are

  [i]David Fields and MatiasVernengo(Utah University)

--Hegemonic Currencies during the crisis:The Dollar versus the Euro in a Cartalist perspective.


[ii] AjoyPandey(Allahabad University)

   -Financial Crisis and Impact on Indian Economy

[iii] Dante A. Urbina(Complutense University of Madrid)

  -Did Austrian Economists predict the financial crisis

[iv]SukantaSarkar and SumanKalyanChaudhury(ICFAI University,Tripura)

  • Global Financial Crisis:Causes,trends,consequences and Remedial policies

[v] Suvrangshu Pan (M.M.Mahavidyalaya,Purulia)

  -Impact of global economic crisis on Indian Economy

In part-3 entitles “Regionalism and Monetary System” in which 3 articles are included,namely

[i] SusmitaMitra and Amrita Saha(Jadavpur University)

 - Re-examining the SDR’s role in the new context of today’s globalized world

[ii] Sourav Kumar Das and KishorNaskar (Fakir Chand and Budge Budge College,Kolkata)

  • Framework of Monetary Policy in the region under SAARC

[iii] TapanPurkait(Netaji Nagar College,Kolkata)

- Does BRICS' New Development Bank Matter?

In part-4  entitles as “International  Trade”,there are 4 articles,namely.

[i] Chinmaya Behera(Gitam University,Vishakhapatnam)

  - Future market and Inflation :An Econometric Investigation into Metal and Energy Futures

[ii] Debjani Mitra and SudiptaSarkar(Bijay Krishna Girls college,Kolkata and Planning Division,West Bengal Govt.)

  • Foreign Trade Scenario of India and Bangladesh:AnEmperical Study

[iii] DipikaBasu and Arun Kumar Nandy(West Bengal State University and Chakdah College)

 -India’s export efficiency and economic growth during pre-WTO and post-WTO periods:An approach to DEA

[iv] SyedShahidMazhar,  AnisurRehman and  FarhinaSardar Khan(University of Lucknow)

   -A Detailed Study of changing foreign trade pattern of India before Pre-reform liberalization era:Factors and cases.


The Editor (Dr.Debesh Bhowmik) himself wrote a brief description of the 20 articles and he also wrote an excellent Introduction of the book in which he explained the International Monetary System from pre-silver standard to present monetary system including  system of SDR and possibility of evolving Bretton Woods-II and III respectively. Even he explained the ongoing debates about the reform of the International Monetary System.

In this edited volume ,five foreign economists contributed 7 articles which demand high academic and professional values.

The edited book might help the students,scholars,teachers,policy makers and professionals who are related with International Trade,Finance,International Monetary System and liquidity crises.








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