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Twenty-five years of post-Bretton Woods experience: some lessons

  • H. ASKARI

    (The George Washington University)

In 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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File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10620/10504
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Article provided by Banca Nazionale del Lavoro in its journal BNL Quarterly Review.

Volume (Year): 52 (1999)
Issue (Month): 208 ()
Pages: 3-38

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Handle: RePEc:psl:bnlaqr:1999:11
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  1. Rudiger Dornbusch, 1985. "Special Exchange Rates for Capital Account Transactions," NBER Working Papers 1659, National Bureau of Economic Research, Inc.
  2. Söderlind, Paul & Svensson, Lars E O, 1997. "New Techniques to Extract Market Expectations from Financial Instruments," CEPR Discussion Papers 1556, C.E.P.R. Discussion Papers.
  3. James Tobin, 1978. "A Proposal for International Monetary Reform," Eastern Economic Journal, Eastern Economic Association, vol. 4(3-4), pages 153-159, Jul/Oct.
  4. Jeffrey A. Frankel., 1987. "Obstacles to International Macroeconomic Policy Coordination," Economics Working Papers 8737, University of California at Berkeley.
  5. Edwards, Sebastian, 1996. "Exchange-Rate Anchors, Credibility, and Inertia: A Tale of Two Crises, Chile and Mexico," American Economic Review, American Economic Association, vol. 86(2), pages 176-80, May.
  6. Rudger Dornbusch & Ilan Goldfajn & Rodrigo O. Valdés, 1995. "Currency Crises and Collapses," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(2), pages 219-294.
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