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Why markets in foreign exchange are different from other markets

  • Neil Wallace
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    This paper, originally published in the fall 1979 Quarterly Review, explains why unfettered markets cannot determine a price at which the currency of one country exchanges for that of another. In effect, any price will work--something which is not true in other markets. The paper then argues that the only feasible regimes for these special markets are floating exchange rates with capital controls or fixed exchange rates with monetary and budget policy coordination. ; Originally published in Quarterly Review, Fall 1979.

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    Article provided by Federal Reserve Bank of Minneapolis in its journal Quarterly Review.

    Volume (Year): (1990)
    Issue (Month): Win ()
    Pages: 12-18

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    Handle: RePEc:fip:fedmqr:y:1990:i:win:p:12-18:n:v.14no.1
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    1. Kareken, John & Wallace, Neil, 1977. "Portfolio autarky: A welfare analysis," Journal of International Economics, Elsevier, vol. 7(1), pages 19-43, February.
    2. Gale, David, 1971. "General equilibrium with imbalance of trade," Journal of International Economics, Elsevier, vol. 1(2), pages 141-158, May.
    3. anonymous, 1978. "Does the sinking U.S. dollar mean the float isn't working?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum.
    4. John H. Kareken & Neil Wallace, 1978. "International monetary reform: the feasible alternatives," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum.
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