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The Case for Flexible Exchange Rates in 1980

In: European Monetary Union

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  • David Laidler

Abstract

Flexible exchange rates have never commanded universal support among economists, but it is fair to say that they found more enthusiastic adherents during the 1950s and 1960s, when a (more or less) fixed-exchange-rate regime was in force, than they do now, after close to a decade of experience with them. In this chapter, I seek to contribute to the ongoing debate about flexible exchange rates in a number of ways. First, I shall review briefly the by now well-known arguments about fixed and flexible exchange rates that monetary economics in and of itself permits us to develop. Second, I shall consider what may loosely be termed the political arguments about ‘discipline’, or lack thereof, in the conduct of policy that alternative exchange-rate regimes are said to promote, in the light of the experience of the 1970s. I shall pay particular attention here to British experience. Finally, I shall consider the issues raised in the first two substantive sections of this paper from a more general perspective, and will argue that there still remains a powerful case to be made for flexible exchange rates as a means of organising international monetary relations. The case however is essentially political rather than economic.

Suggested Citation

  • David Laidler, 1982. "The Case for Flexible Exchange Rates in 1980," Palgrave Macmillan Books, in: M. T. Sumner & G. Zis (ed.), European Monetary Union, chapter 7, pages 152-167, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-349-16781-4_10
    DOI: 10.1007/978-1-349-16781-4_10
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    Cited by:

    1. Andrew Scott, 1986. "Britain and the E.M.S.: An Appraisal of the Report of the Treasury and Civil Service Committee," Journal of Common Market Studies, Wiley Blackwell, vol. 24(3), pages 187-201, March.

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