By A. Endres
Drawing on well known contributions by means of economists to the controversy on overseas financial reform, this book offers an old viewpoint at the plans, schemes and concepts at the foreign economic system.
Read Online or Download International Financial Integration: Competing Ideas and Policies in the Post-Bretton Woods Era PDF
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Additional resources for International Financial Integration: Competing Ideas and Policies in the Post-Bretton Woods Era
Example text
Controlled/Limited IV. Managed float V. 67) with some emendations. price. Some adjustment in parities was allowable under specific rules administered by the IMF. Later in the BW era, II. B. 3 was instituted. The combination III. C. 3 was popular among economists (Triffin, Cooper, Samuelson) in 1972. Certainly a ‘gliding parity’ system of exchange rates in which currency values move in a prespecified band, embodied more continuously flexible exchange rates than permitted by BW. By 1971, the late-BW era combinations of II.
7. Reflect price level changes, specifically inflation differentials, between countries in the long run. 42 International Financial Integration 8. Are a more efficient, speedy, automatic means of responding to external shocks affecting particular economies, some of which, depending on national economic structures, are more severe than those affecting other countries. 9. Cast doubt on the future role of the IMF in being involved in national exchange rate management. (C) When exchange rate regimes involve some intermediate degree of management or exchange rate fixing: 10.
And (iii): anxiety about the inability of the US and other major currency issuing nations to change parities, that is to respond to persistent international payments imbalances by changing exchange rates. 326). Those ‘inhibiting factors’ included the impact of vast issuance of US dollars to the rest of the world in settling a growing current account deficit on the US balance of payments. In addition, the widespread use of the US dollar as an intervention currency to maintain exchange rates made it impossible to set rules, and difficult to set guidelines for other nations initiating changes in their currency values – their ‘dollar parities’ as they were then known.