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Since the introduction of the system of floating exchange rates policy-makers have been troubled by uncertainties regarding the effects of this system on international trade. Do exchange rate changes affect trade flows? Can governments manipulate exchange rates? Have countries been “injured”...
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As the recent struggles connected with the readjustment of exchange rates within the European Monetary System have shown, the relatively unproblematic "running in" period of the EMS, which was supposed to be a constructive contribution to the creation of a more viable international monetary...
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The European Monetary System (EMS) has, so far, proved to be a success. The regional approach to the promotion of monetary stability, in terms of both more predictable exchange rates and a reduction in inflation, is the only option available to Europe as attempts to create a new international...
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For many years, the guardians of the world's currency system have tried to cure the symptoms of its illness. They were …
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Recently the Interim Committee of the International Monetary Fund met in Hamburg without making significant progress on the proposal for a substitution account. One of the main initiatives toward restructuring the international monetary system thus was postponed if not indefinitely suspended....
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