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Conference Summary: Revisiting the Case for Flexible Exchange Rates

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    Abstract

    This article summarizes the proceedings of an international research conference hosted by the Bank of Canada in November 2000. The conference marked the fiftieth anniversary of Canada's adoption of a flexible exchange rate, and its title recognizes the seminal contribution of Professor Milton Friedman's article "The Case for Flexible Exchange Rates." His keynote address to the conference is also summarized in the article. The conference papers re-examine many of the arguments raised by Friedman using recent developments in economic theory and econometric techniques. They investigate the experience of a wide range of industrialized and emerging-market economies. The main findings are that a strong case can be made for flexible exchange rates in economies that are large commodity exporters and that have credible low-inflation monetary policies and relatively well-developed financial systems.

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    File URL: http://www.bankofcanada.ca/wp-content/uploads/2010/06/schembrie.pdf
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    Bibliographic Info

    Article provided by Bank of Canada in its journal Bank of Canada Review.

    Volume (Year): 2001 (2001)
    Issue (Month): Autumn ()
    Pages: 31-37

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    Handle: RePEc:bca:bcarev:v:2001:y:2001:i:autumn01:p:31-37

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    Phone: 613 782-8845
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    Web page: http://www.bank-banque-canada.ca/

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    Cited by:
    1. George M. von Furstenberg, 2005. "Mexico versus Canada: Stability Benefits from Making Common Currency with USD?," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 10(2), pages 15-37, Summer.

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