In retrospect, the decade of sixties has witnessed substantial upheavals and achievements in the international monetary sphere. Massive flows of hot money from one country to another have stimulated international cooperation on a large scale. The two-tier gold system seems to be an unparalleled...

The test case of "flexible versus fixed rates of exchange" has now been running for four months. Experience in this transitional and incipient phase has shown up a number of faults and impediments which are typical not only of the problems created by contemporary multicentric international...

Every currency crisis of recent years has been accompanied by a migration of billions of short-term money. Both experts and laymen have again and again been amazed at the speed at which, at relatively short notice, these enormous sums could be mobilised.

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”...

Recently, the calls for closer monetary co-operation between the Asian NICs and Japan have been becoming louder. The following article discusses the pros and cons of pegging to the yen and compares them with those of a basket peg.

Leaving foreign exchange markets to themselves may not lead to realistic and stable exchange rates. Thus appropriate criteria for interference must be defined. The OPTICA (Optimal Currency Area) Group which was appointed by the European Commission tried to work out appropriate rules for the EC....