Instability Tempered by Intervention

  • Paul Einzig


Extreme supporters of the system of floating exchanges are firmly opposed to any official intervention in the foreign exchange market to influence their movements. This is because they are convinced that it is only if exchanges are left severely alone that they could automatically adapt themselves to their equilibrium level. In reality, in the absence of official intervention, exchange rates would be completely exposed to the caprices of any trend, speculative or otherwise, whether equilibrating or disequilibrating in its effects.


Exchange Rate Gold Deposit Foreign Exchange Foreign Exchange Market Exchange Movement 
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Copyright information

© Paul Einzig 1970

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  • Paul Einzig

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