Abstract
Prior to the move to generalized floating in 1973, the adoption of floating exchange rates had long been advocated by eminent economists such as Milton Friedman (1953), Egon Sohmen (1961) and Harry Johnson (1969). However, the experience with floating rates has not been the panacea that many advocates had presupposed and this has led many economists to propose schemes designed to limit exchange-rate flexibility.
This is a preview of subscription content, log in via an institution to check access.
Preview
Unable to display preview. Download preview PDF.
Selected Further Readings
Argy, V. (1982) ‘Exchange Rate Management in Theory and Practice’, Princeton Studies in International Finance, No. 50.
Artus, J. R. and Crockett, A. (1978) ‘Floating Exchange Rates and the Need For Surveillance’, Princeton Essays on International Finance, No. 127.
Artus, J. R. and Young, J. H. (1979) ‘Fixed and Flexible Exchange Rates: a Renewal of the Debate’, IMF Staff Papers, vol. 26, pp. 654–98.
Basevi, G. and De Grauwe, P. (1977) ‘Vicious and Virtual Circles. A Theoretical Analysis and a Policy Proposal for Managing Exchange Rates’, European Economic Review, vol. 10, pp. 277–301.
Blanchard, O. (1979) ‘speculative Bubbles, Crashes and Rational Expectations’, Economic Letters, vol. 3, pp. 346–65.
Claassen, E. M. (1976) ‘World Inflation Under Flexible Exchange Rates’, Scandinavian Journal of Economics, vol. 78, pp. 346–65.
Corden, W.M. (1982) ‘Exchange Rate Protection’, in R.N. Cooper, P. B. Kenen, J. B. Machedo and J. V. Ypersele, The International Monetary System Under Flexible Exchange Rates (Cambridge, Mass.: Balinger).
Dooley, M. (1981) ‘An Analysis of Exchange Market Intervention of Industrial and Developing Countries’, IMF Staff Papers, vol. 29, pp. 233–69.
Dornbusch, R. (1976) ‘Expectations and Exchange Rate Dynamics’, Journal of Political Economy, vol. 84, pp. 1161–76.
Dornbusch, R. (1983) ‘Flexible Exchange Rates and Interdependence’. IMF Staff Papers, vol. 30, pp. 3–30.
Friedman, M. (1953) ‘The Case for Flexible Exchange Rates’, in M. Friedman, Essays in Positive Economics (Chicago: University of Chicago Press).
Johnson, H. G. (1969) ‘The Case for Flexible Exchange Rates’, Federal Reserve Bank of St Louis Review, vol. 51, pp. 12–24.
Kenen, P.B. (1987) ‘Exchange Rate Management: What Role for Intervention?’, American Economic Review Papers and Proceedings, pp. 194–9.
Kenen, P.B. (1988) Managing Exchange Rates (London: Routledge).
Mussa, M. (1981) ‘Macroeconomic Interdependence and the Exchange Rate Regime’, in R. Dornbusch and J. A. Frenkel (eds), International Economic Policy (Baltimore: Johns Hopkins University Press).
Nurkse, R. (1944) International Currency Experience (New York: League of Nations/Columbia University Press).
Pilbeam, K. S. (1991) Exchange Rate Management: Theory and Evidence (London: Macmillan).
Sohmen, E. (1961) Flexible Exchange Rates (Chicago: University of Chicago Press).
Turnovsky, S. J. (1984) ‘Exchange Market Intervention in a Small Open Economy: an Expository Model’, in P. Malgrange and P.A. Muet (eds), Contemporary Macroeconomic Modelling (Oxford: Basil Blackwell).
Author information
Authors and Affiliations
Copyright information
© 1998 Keith Pilbeam
About this chapter
Cite this chapter
Pilbeam, K. (1998). Fixed, Floating and Managed Exchange Rates. In: International Finance. Macmillan Texts in Economics. Palgrave, London. https://doi.org/10.1007/978-1-349-26630-2_10
Download citation
DOI: https://doi.org/10.1007/978-1-349-26630-2_10
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-73097-3
Online ISBN: 978-1-349-26630-2
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)