Approaches to Greater Flexibility of Exchange Rates
The Bürgenstock Papers
1st Edition
Published on 19. May 2015
452 pages
978-1-4008-6727-1 (ISBN)
Description
This volume contains the papers presented and comments made at two conferences on the controversial subject of greater flexibility of exchange rates. The first of the conferences was held at Oyster Bay, New York, early in 1969, the second at Bürgenstock, Switzerland, in the summer of 1969. One half of the 40 conferees were academic economists, the others were practitioners of the foreign exchange markets, mostly bankers and a few executives of international business firms. Both the opposition to greater flexibility of exchange rates and the advocacy of more flexible systems are represented in these papers. The contrast between fixed or jumping exchange rates and gliding exchange rates is clearly described and the various systems of increased flexibility, such as the "wider band" and the "crawling peg," are explained and examined.
Originally published in 1970.
The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Originally published in 1970.
The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
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C. Fred Bergsten | George Nikolaus Halm
Approaches to Greater Flexibility of Exchange Rates
The Buergenstock Papers
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Approaches to Greater Flexibility of Exchange Rates
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C. Fred Bergsten | George Nikolaus Halm
Approaches to Greater Flexibility of Exchange Rates
The Buergenstock Papers
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05/1970
Princeton University Press
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C. Fred Bergsten & George Nikolaus Halm
Content
Frontmatter, pg. i
Preface, pg. v
Contents, pg. ix
1. Toward Limited Flexibility of Exchange Rates, pg. 3
2. Two Lists of Topics for Further Study and a Proposed Outline for Conference Papers, pg. 27
3. On Terms, Concepts, Theories, and Strategies in the Discussion of Greater Flexibility of Exchange Rates, pg. 31
4. Currency Parities in the Second Decade of Convertibility, pg. 49
5. Comments on Mr. Roosa's Paper, pg. 57
6. The United States and Greater Flexibility of Exchange Rates, pg. 61
7. Decision-Making on Exchange Rates, pg. 77
8. The Case for Flexible Exchange Rates, 1969, pg. 91
9. Comments on Mr. Johnson's Paper, pg. 112
10. The International Monetary System: Some Recent Developments and Discussions, pg. 115
11. Fixed Exchange Rates and the Market Mechanism, pg. 125
12. The Adjustment Process, Its Asymmetry, and Possible Consequences, pg. 129
13. Entrepreneurial Risk under Flexible Exchange Rates, pg. 145
14. The Wider Band and Foreign Direct Investment, pg. 151
15. The Business View of Proposals for International Monetary Reform, pg. 167
16. The Outlook for the Present World Monetary System, pg. 179
17. Comments on Mr. Oppenheimer's Paper: A More Optimistic View, pg. 186
18. Could the Crises of the Last Few Years Have Been Avoided by Flexible Exchange Rates?, pg. 187
19. Notes for the Biirgenstock Conference, pg. 199
20. Why I Am Not in Favor of Greater Flexibility of Exchange Rates, pg. 203
21. Greater Flexibility of Exchange Rates: Effects on Commodities, Capital, and Money Markets, pg. 209
22. Selected Case Studies Relating to Foreign- Exchange Problems in International Trade and Money Markets, pg. 211
23. Comments on Mr. Kuster's Paper, pg. 216
24. The International Monetary Game: Objectives and Rules, pg. 223
25. When and How Should Parities Be Changed?, pg. 233
26. A "Realistic" Note on Threefold Limited Flexibility of Exchange Rates, pg. 237
27. Asymmetrical Widening of the Bands Around Parity, pg. 245
28. Sliding Parities: A Proposal for Presumptive Rules, pg. 251
29. The Fixed-Reserve Standard: A Proposal to "Reverse" Bretton Woods, pg. 261
30. Rules for a Sliding Parity: A Proposal, pg. 271
31. Some Implications of Flexible Exchange Rates, Including Effects on Forward Markets and Transitional Problems, pg. 275
32. A Technical Note on the Width of the Band Required to Accommodate Parity Changes of Particular Size, pg. 280
33. Short-Term Capital Movements and the Interest-Rate Constraint Under Systems of Limited Flexibility of Exchange Rates, pg. 283
34. The Forward-Exchange Market: Misunderstandings Between Practitioners and Economists, pg. 297
35. Forward Currency "Costs": A Zero Sum Game?, pg. 307
36. Comments on Mr. Watts's Paper, pg. 309
37. Exchange Risks and Forward Coverage in Different Monetary Systems, pg. 311
38. The Effect on the Forward-Exchange Market of More Flexible Rates, pg. 317
39. Comments on Mr. Batt's Paper, pg. 320
40. Flexible Exchange Rates and Forward Markets, pg. 323
41. Canada's Experience with a Floating Exchange Rate, 1950-1962, pg. 337
42. A Floating German Mark: An Essay in Speculative Economics, pg. 345
43. Japan's Twenty-Year Experience with a Fixed Rate for the Yen, pg. 357
44. The Problem of Floating Exchange Rates from the Swiss Viewpoint, pg. 365
45. Balance-of-Payments and Exchange-Rate Problems in Sweden, Denmark, and Finland, pg. 371
46. European Integration and Greater Flexibility of Exchange Rates, pg. 385
47. Comments on Mr. Kasper's Paper: Requiem for European Integration, pg. 388
48. Comments on the Papers by Messrs. Mosconi and Kasper: Red Herrings, Carts, and Horses, pg. 392
49. The Agricultural Regulations of the European Economic Community as an Obstacle to the Introduction of Greater Flexibility of Exchange Rates, pg. 401
50. The Concept of Optimum Currency Areas and the Choice Between Fixed and Flexible Exchange Rates, pg. 407
51. Import Border Taxes and Export-Tax Refunds Versus Exchange-Rate Changes, pg. 417
52. Government and the Corporation: A Fallacious Analogy, pg. 425
Contributors, pg. 427
Index, pg. 429
Preface, pg. v
Contents, pg. ix
1. Toward Limited Flexibility of Exchange Rates, pg. 3
2. Two Lists of Topics for Further Study and a Proposed Outline for Conference Papers, pg. 27
3. On Terms, Concepts, Theories, and Strategies in the Discussion of Greater Flexibility of Exchange Rates, pg. 31
4. Currency Parities in the Second Decade of Convertibility, pg. 49
5. Comments on Mr. Roosa's Paper, pg. 57
6. The United States and Greater Flexibility of Exchange Rates, pg. 61
7. Decision-Making on Exchange Rates, pg. 77
8. The Case for Flexible Exchange Rates, 1969, pg. 91
9. Comments on Mr. Johnson's Paper, pg. 112
10. The International Monetary System: Some Recent Developments and Discussions, pg. 115
11. Fixed Exchange Rates and the Market Mechanism, pg. 125
12. The Adjustment Process, Its Asymmetry, and Possible Consequences, pg. 129
13. Entrepreneurial Risk under Flexible Exchange Rates, pg. 145
14. The Wider Band and Foreign Direct Investment, pg. 151
15. The Business View of Proposals for International Monetary Reform, pg. 167
16. The Outlook for the Present World Monetary System, pg. 179
17. Comments on Mr. Oppenheimer's Paper: A More Optimistic View, pg. 186
18. Could the Crises of the Last Few Years Have Been Avoided by Flexible Exchange Rates?, pg. 187
19. Notes for the Biirgenstock Conference, pg. 199
20. Why I Am Not in Favor of Greater Flexibility of Exchange Rates, pg. 203
21. Greater Flexibility of Exchange Rates: Effects on Commodities, Capital, and Money Markets, pg. 209
22. Selected Case Studies Relating to Foreign- Exchange Problems in International Trade and Money Markets, pg. 211
23. Comments on Mr. Kuster's Paper, pg. 216
24. The International Monetary Game: Objectives and Rules, pg. 223
25. When and How Should Parities Be Changed?, pg. 233
26. A "Realistic" Note on Threefold Limited Flexibility of Exchange Rates, pg. 237
27. Asymmetrical Widening of the Bands Around Parity, pg. 245
28. Sliding Parities: A Proposal for Presumptive Rules, pg. 251
29. The Fixed-Reserve Standard: A Proposal to "Reverse" Bretton Woods, pg. 261
30. Rules for a Sliding Parity: A Proposal, pg. 271
31. Some Implications of Flexible Exchange Rates, Including Effects on Forward Markets and Transitional Problems, pg. 275
32. A Technical Note on the Width of the Band Required to Accommodate Parity Changes of Particular Size, pg. 280
33. Short-Term Capital Movements and the Interest-Rate Constraint Under Systems of Limited Flexibility of Exchange Rates, pg. 283
34. The Forward-Exchange Market: Misunderstandings Between Practitioners and Economists, pg. 297
35. Forward Currency "Costs": A Zero Sum Game?, pg. 307
36. Comments on Mr. Watts's Paper, pg. 309
37. Exchange Risks and Forward Coverage in Different Monetary Systems, pg. 311
38. The Effect on the Forward-Exchange Market of More Flexible Rates, pg. 317
39. Comments on Mr. Batt's Paper, pg. 320
40. Flexible Exchange Rates and Forward Markets, pg. 323
41. Canada's Experience with a Floating Exchange Rate, 1950-1962, pg. 337
42. A Floating German Mark: An Essay in Speculative Economics, pg. 345
43. Japan's Twenty-Year Experience with a Fixed Rate for the Yen, pg. 357
44. The Problem of Floating Exchange Rates from the Swiss Viewpoint, pg. 365
45. Balance-of-Payments and Exchange-Rate Problems in Sweden, Denmark, and Finland, pg. 371
46. European Integration and Greater Flexibility of Exchange Rates, pg. 385
47. Comments on Mr. Kasper's Paper: Requiem for European Integration, pg. 388
48. Comments on the Papers by Messrs. Mosconi and Kasper: Red Herrings, Carts, and Horses, pg. 392
49. The Agricultural Regulations of the European Economic Community as an Obstacle to the Introduction of Greater Flexibility of Exchange Rates, pg. 401
50. The Concept of Optimum Currency Areas and the Choice Between Fixed and Flexible Exchange Rates, pg. 407
51. Import Border Taxes and Export-Tax Refunds Versus Exchange-Rate Changes, pg. 417
52. Government and the Corporation: A Fallacious Analogy, pg. 425
Contributors, pg. 427
Index, pg. 429
