Dr Bernstein’s paper is particularly interesting because it draws together ideas from the professional literature on international monetary affairs and the practical experience of a man who has an intimate knowledge of the postwar institutions, particularly the Fund. It is always interesting for outsiders to compare the general literature on the theory of balance of payments and foreign exchange and the views of practitioners. I was very much impressed on reading Mr Bernstein’s paper with his intermixing of theory and practice. On reflection this may not be so surprising because I am sure that Mr Bernstein directly, and through some of his friends, has stimulated and inspired many of the best articles on balance of payments and foreign exchanges in the recent professional literature.
KeywordsExchange Rate Foreign Exchange National Intervention International Liquidity Exchange Rate System
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