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Using National Currencies in International Transactions: The Case for Flexible Exchange Rates

In: Shaking the Invisible Hand

Author

Listed:
  • Basil John Moore

Abstract

After the demise of Bretton Woods the world trading system has been characterized by lower growth, higher inflation, gyrating exchange rates, recurring international liquidity crises and secularly rising rates of unemployment. In the process a variety of flexible exchange rate regimes have evolved. These have created perverse incentives to compete for limited reserves, set trading partner against trading partner and perpetuated the stagnant world economy that Keynes had so presciently anticipated. The resulting degree of exchange rate volatility has been greater than ever previously experienced. Economic performance, whether measured in terms of growth rates or unemployment rates was dramatically below the exceptionally strong experience of the Bretton Woods period under fixed exchange rates.

Suggested Citation

  • Basil John Moore, 2006. "Using National Currencies in International Transactions: The Case for Flexible Exchange Rates," Palgrave Macmillan Books, in: Shaking the Invisible Hand, chapter 18, pages 409-432, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51213-9_18
    DOI: 10.1057/9780230512139_18
    as

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