The Merits of Flexible Exchange Rates
An Anthology
1st Edition
Published on 29. December 1988
450 pages
978-1-4617-2370-7 (ISBN)
Description
This anthology of significant writings by eminent economists is, in part, a critique of the Bretton Woods system of fixed exchange rates, which was very successful at the time it was instituted but which, because of its rigidity, failed in the end to address the economic problems of the post-war era. The authors suggest that the stock market crash of 1987 might not have occurred if market forces had been allowed simply to run their course in the absence of any real economic restrictions. Contributors include:Harry Johnson, Fritz Machlup, Milton Friedman, Gottfried Haberler, Henry Wallich, Alan Greenspan, Leo Melamed, Jacques de Larosiere, Beryl Sprinkel, Michael L. Mussa, Martin Feldstein, Jacob Frenkel, Rudiger Dornbusch, Morris Goldstein, Rachel McCulloch, Paul R. Krugman, William H. Branson, Thomas D. Willett, J. Carter Murphy.
More details
Edition
1. Auflage
Language
English
Place of publication
New York
United States
Target group
Professional and scholarly
ISBN-13
978-1-4617-2370-7 (9781461723707)
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Schweitzer Classification
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Book
12/1988
George Mason University Press
€83.14
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Book
08/1988
George Mason University Press
€126.28
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Person
By Leo Melamed
Content
- The Merits Of Flexible Exchange Rates
- CONTENTS
- FOREWORD
- INTRODUCTION
- PART I HISTORICAL OVERVIEW AND BACKGROUND
- 1. The Case for Flexible Exchange Rates
- 2. The Case for Flexible Exchange Rates, 1969
- 3. Reflections on the Exchange Rate System
- 4. Functioning of the Current International Financial System: Strengths, Weaknesses and Criteria for Evaluation
- PART II FLEXIBLE EXCHANGE RATES AND INTERNATIONAL TRADE
- 5. The International Monetary System and Proposals for International Policy Coordination
- 6. The International Monetary System-Once Again
- 7. Growth Rates, Trade Balances and Exchange Rates
- 8. A Guide to Target Zones
- 9. Unexpected Real Consequences of Floating Exchange Rates
- PART III BALANCE OF PAYMENTS, BUDGET DEFICITS AND FLEXIBLE EXCHANGE RATES
- 10. Domestic Saving and International Capital Movements in the Long Run and the Short Run
- 11. International Aspects of U.S. Monetary and Fiscal Policy
- 12. Excerpts from the Council of Economic Advisers Report to the President, 1975, 1976, 1977
- PART IV INTERNATIONAL FINANCIAL INSTITUTIONS AND THE POLICY OF INTERVENTION UNDER FLEXIBLE EXCHANGE RATES
- 13. The Role of Official Intervention
- 14. Economic Structure and Policy for External Balance
- 15. Exchange Rates and the Adjustment Process
- 16. Floating as Seen from the Central Bank
- 17. Improving International Performance
- PART V PRIVATE SECTOR INNOVATION AND FREE MARKETS
- 18. The International Monetary Market
- 19. A Proposal for Resolving the U.S. Balance of Payments Problem
- Confidential Memorandum to President-elect
- PART VI MACROECONOMIC COORDINATION AND FLEXIBLE EXCHANGE RATES
- 20. Coordination Could Be Washed Out
- 21. Turbulence in the Foreign Exchange Markets and Macroeconomic Policies
- 22. Expectations and Exchange Rate Dynamics
- 23. Flexible Exchange Rates and Excess Capital Mobility
- The Contributors
- Acknowledgments
