Twenty-five years of post-Bretton Woods experience: some lessons
AbstractIn 1971 many academic economists were predicting that the Bretton Woods system of fixed parities would collapse. Some, most notably Milton Friedman, became excited about the possibility of a floating system because the benefits of international capital mobility can only be achieved through the flexibility in the exchange rate. These economists argued that a floating exchange rate system can ensure positive results more than the fixed parities system. Twenty-five years later, however, there is still no consensus on the matter. The author reviews the post-Bretton Woods experience to highlight some policies and approaches that might be helpful for the future.
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Bibliographic InfoArticle provided by Banca Nazionale del Lavoro in its journal BNL Quarterly Review.
Volume (Year): 52 (1999)
Issue (Month): 208 ()
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Other versions of this item:
- H. Askari, 1999. "Twenty-five years of post-Bretton Woods experience: some lessons," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 52(208), pages 3-38.
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F00 - International Economics - - General - - - General
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