Contrary to the expectations of those who advocated flexible exchange rates prior to 1973, Williamson, in his study on exchange rate flexibility and reserve use, presented data which suggested “the paradoxical conclusion that reserve use actually increased following the adoption of...

In a recent editorial (cf. INTERECONOMICS, No. 3/1984, p. 101) Professor Armin Gutowski commented on the surprising increase of the external value of the US dollar which seems to defy traditional explanations of exchange rate determination. The following article presents an American...

The following article deals with the reasons for the fierce resistance of the developing countries to the system of floating exchange rates which the industrialized countries are favouring at present. It examines the consequences of floating exchange rates for the foreign trade, indebtedness and...

Myanmar's macroeconomic policy framework does not adequately support the new functions of the Central Bank of Myanmar. The monetary policy regime is deficient and institutions that complement the working of a market-based economy lacking. This paper identifies 10 priority areas for reform to...