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Approaches to Greater Flexibility of Exchange Rates
The Burgenstock Papers509
This volume contains the papers presented and comments made at two conferences on the controversial subject of greater flexibility of exchange rates. The first of the conferences was held at Oyster Bay, New York, early in 1969, the second at Burgenstock, Switzerland, in the summer of 1969. One half of the 40 conferees were academic economists, the others were practitioners of the foreign exchange markets, mostly bankers and a few executives of international business firms. Both the opposition to greater flexibility of exchange rates and the advocacy of more flexible systems are represented in these papers. The contrast between fixed or jumping exchange rates and gliding exchange rates is clearly described and the various systems of increased flexibility, such as the "wider band" and the "crawling peg," are explained and examined. Originally published in 1970. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
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*Frontmatter, pg. i*Preface, pg. v*Contents, pg. ix*1. Toward Limited Flexibility of Exchange Rates, pg. 3*2. Two Lists of Topics for Further Study and a Proposed Outline for Conference Papers, pg. 27*3. On Terms, Concepts, Theories, and Strategies in the Discussion of Greater Flexibility of Exchange Rates, pg. 31*4. Currency Parities in the Second Decade of Convertibility, pg. 49*5. Comments on Mr. Roosa's Paper, pg. 57*6. The United States and Greater Flexibility of Exchange Rates, pg. 61*7. Decision-Making on Exchange Rates, pg. 77*8. The Case for Flexible Exchange Rates, 1969, pg. 91*9. Comments on Mr. Johnson's Paper, pg. 112*10. The International Monetary System: Some Recent Developments and Discussions, pg. 115*11. Fixed Exchange Rates and the Market Mechanism, pg. 125*12. The Adjustment Process, Its Asymmetry, and Possible Consequences, pg. 129*13. Entrepreneurial Risk under Flexible Exchange Rates, pg. 145*14. The Wider Band and Foreign Direct Investment, pg. 151*15. The Business View of Proposals for International Monetary Reform, pg. 167*16. The Outlook for the Present World Monetary System, pg. 179*17. Comments on Mr. Oppenheimer's Paper: A More Optimistic View, pg. 186*18. Could the Crises of the Last Few Years Have Been Avoided by Flexible Exchange Rates?, pg. 187*19. Notes for the Biirgenstock Conference, pg. 199*20. Why I Am Not in Favor of Greater Flexibility of Exchange Rates, pg. 203*21. Greater Flexibility of Exchange Rates: Effects on Commodities, Capital, and Money Markets, pg. 209*22. Selected Case Studies Relating to Foreign- Exchange Problems in International Trade and Money Markets, pg. 211*23. Comments on Mr. Kuster's Paper, pg. 216*24. The International Monetary Game: Objectives and Rules, pg. 223*25. When and How Should Parities Be Changed?, pg. 233*26. A "Realistic" Note on Threefold Limited Flexibility of Exchange Rates, pg. 237*27. Asymmetrical Widening of the Bands Around Parity, pg. 245*28. Sliding Parities: A Proposal for Presumptive Rules, pg. 251*29. The Fixed-Reserve Standard: A Proposal to "Reverse" Bretton Woods, pg. 261*30. Rules for a Sliding Parity: A Proposal, pg. 271*31. Some Implications of Flexible Exchange Rates, Including Effects on Forward Markets and Transitional Problems, pg. 275*32. A Technical Note on the Width of the Band Required to Accommodate Parity Changes of Particular Size, pg. 280*33. Short-Term Capital Movements and the Interest-Rate Constraint Under Systems of Limited Flexibility of Exchange Rates, pg. 283*34. The Forward-Exchange Market: Misunderstandings Between Practitioners and Economists, pg. 297*35. Forward Currency "Costs": A Zero Sum Game?, pg. 307*36. Comments on Mr. Watts's Paper, pg. 309*37. Exchange Risks and Forward Coverage in Different Monetary Systems, pg. 311*38. The Effect on the Forward-Exchange Market of More Flexible Rates, pg. 317*39. Comments on Mr. Batt's Paper, pg. 320*40. Flexible Exchange Rates and Forward Markets, pg. 323*41. Canada's Experience with a Floating Exchange Rate, 1950-1962, pg. 337*42. A Floating German Mark: An Essay in Speculative Economics, pg. 345*43. Japan's Twenty-Year Experience with a Fixed Rate for the Yen, pg. 357*44. The Problem of Floating Exchange Rates from the Swiss Viewpoint, pg. 365*45. Balance-of-Payments and Exchange-Rate Problems in Sweden, Denmark, and Finland, pg. 371*46. European Integration and Greater Flexibility of Exchange Rates, pg. 385*47. Comments on Mr. Kasper's Paper: Requiem for European Integration, pg. 388*48. Comments on the Papers by Messrs. Mosconi and Kasper: Red Herrings, Carts, and Horses, pg. 392*49. The Agricultural Regulations of the European Economic Community as an Obstacle to the Introduction of Greater Flexibility of Exchange Rates, pg. 401*50. The Concept of Optimum Currency Areas and the Choice Between Fixed and Flexible Exchange Rates, pg. 407*51. Import Border Taxes and Export-Tax Refunds Versus Exchange-Rate Changes, pg. 417*52. Government an