Fixed Versus Flexible Exchange Rates

  • Giancarlo Gandolfo


The problem of the best exchange-rate regime (fixed or flexible exchange rates) was the subject of a heated debate in the fifties and sixties, which — among other things — also produced a series of proposals for intermediate or limited-flexibility regimes. It was a debate based mainly on theoretical arguments, because — as the prevailing regime at that time was the Bretton Woods adjustable peg (see Sect. 10.5) — the effects of a generalized system of flexible exchange rates could not be observed. Nor was the empirical evidence drawn from other historical periods of much help, given the profound economic changes occurring in those years.


Exchange Rate Monetary Policy Central Bank Foreign Exchange Market Flexible Exchange Rate 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. Adams, C. and J. Greenwood, 1985Google Scholar
  2. Ahmad, J., 1984Google Scholar
  3. Ahtiala, P., 1984Google Scholar
  4. Aizenmann, J., 1984Google Scholar
  5. Allen, P.R. and P.B. Kenen, 1980, Part VGoogle Scholar
  6. Argy, V., 1981Google Scholar
  7. Argy, V., 1982Google Scholar
  8. Arndt, S.W., R.J. Sweeney and T.D. Willet (eds.), 1985Google Scholar
  9. Artus, J.R. and J.H. Young, 1979Google Scholar
  10. Asheim, G.B., 1984Google Scholar
  11. Backus, D., 1984Google Scholar
  12. Basevi, G. and P. De Grauwe, 1977Google Scholar
  13. Basevi, G. and P. De Grauwe, 1978Google Scholar
  14. Batchelor, R.A. and G.E. Wood (eds.), 1982Google Scholar
  15. Bergsten, C.F. et al. (eds.), 1970Google Scholar
  16. Bernholz P., M. Gäartner and E.W. Heri, 1985Google Scholar
  17. Bhandari, J.S., 1982Google Scholar
  18. Bhandari, J.S., 1984Google Scholar
  19. Bhandari, J.S. (ed.), 1985Google Scholar
  20. Bhandari, J.S. and B.H. Putnam (eds.), 1983Google Scholar
  21. Bigman, D., 1983Google Scholar
  22. Bigman, D. and T. Taya (eds.), 1980Google Scholar
  23. Bigman, D. and T. Taya (eds.), 1983Google Scholar
  24. Bilson, J.F.O., 1978Google Scholar
  25. Bilson, J.F.O., 1979aGoogle Scholar
  26. Bilson, J.F.O., 1979bGoogle Scholar
  27. Bilson, J.F.O. and R.C. Marston (eds.), 1984Google Scholar
  28. Blundell-Wignall, A., 1984Google Scholar
  29. Bond, M.E., 1980Google Scholar
  30. Branson, W.H., 1984Google Scholar
  31. Branson, W.H. and W.H. Buiter, 1983Google Scholar
  32. Branson, W.H. and D.W. Henderson, 1985Google Scholar
  33. Calvo, G.A. and C.A. Rodriguez, 1977Google Scholar
  34. Canto, V.A. and M.A. Miles, 1983Google Scholar
  35. Cassel, G., 1918Google Scholar
  36. Claassen E. and P. Salin (eds.), 1983Google Scholar
  37. Clement, M.O., R.L. Pfister and K.J. Rothwell, 1967, Chap. 6Google Scholar
  38. Cohen, B.J., 1981Google Scholar
  39. Conway, R.K., P.A.V.B. Swamy and J.F. Yanagida, 1983Google Scholar
  40. Cooper, R.N. et al. (eds.), 1982Google Scholar
  41. Corden, W.M., 1983Google Scholar
  42. Cuddington, J.T., 1983Google Scholar
  43. Cutilli, B. and G. Gandolfo, 1972Google Scholar
  44. Daniel, B.C., 1985Google Scholar
  45. De Cecco, M., 1983Google Scholar
  46. De Cecco, M. (ed.), 1983Google Scholar
  47. De Grauwe, P., 1983, Chaps. 12 and 16Google Scholar
  48. De Grauwe, P., M. Fratianni and M.K. Nabli, 1985Google Scholar
  49. De Grauwe, P., M. Janssens and H. Leliaert, 1985Google Scholar
  50. De Grauwe, P. and T. Peeters (eds.), 1983Google Scholar
  51. Denton, G. (ed.), 1974Google Scholar
  52. De Vries, T., 1980Google Scholar
  53. Dooley, M. and P. Isard, 1983Google Scholar
  54. Dornbusch, R., 1983Google Scholar
  55. Dornbusch, R. and P. Krugman, 1976Google Scholar
  56. Dunn, R.M., 1983Google Scholar
  57. Falchi, G. and M. Michelangeli, 1977Google Scholar
  58. Fama, E.F., 1984Google Scholar
  59. Farrell, V.S., D.A. DeRosa and T.A. McCown, 1983Google Scholar
  60. Federal Reserve Bank of Boston, 1978Google Scholar
  61. Flood, R.P., 1978Google Scholar
  62. Fratianni, M. and T. Peeters (eds.), 1978Google Scholar
  63. Frankel, J.A., 1983Google Scholar
  64. Frankel, J.A., 1984Google Scholar
  65. Frenkel, J.A., 1981Google Scholar
  66. Frenkel, J.A. and M.L. Mussa, 1985, Sect. 4Google Scholar
  67. Frenkel, J.A. (ed.), 1983Google Scholar
  68. Frenkel, J.A. and H.G. Johnson (eds.), 1978Google Scholar
  69. Gandolfo, G., 1979Google Scholar
  70. Gandolfo, G. and P.C. Padoan, 1984Google Scholar
  71. Gantmacher, F.R., 1959, Chap. III, Sect. 2Google Scholar
  72. Geweke, J., 1984Google Scholar
  73. Goldstein, M., 1980Google Scholar
  74. Gylfason, T. and J.F. Helliwell, 1983Google Scholar
  75. Hakkio, C.S., 1984Google Scholar
  76. Helliwell, J.F., 1979Google Scholar
  77. Helliwell, J.F., and P.M. Boothe, 1983Google Scholar
  78. Hoffman, D.L. and D.E. Schlagenhauf, 1985Google Scholar
  79. Hooper, P. and J. Morton, 1982Google Scholar
  80. Horne, J., 1983Google Scholar
  81. International Monetary Fund, 1984Google Scholar
  82. Isard, P., 1978Google Scholar
  83. Ishiyama, Y., 1975Google Scholar
  84. Istituto Bancario San Paolo, ECU Newsletter Google Scholar
  85. Johnson, H.G. and A.K.Swoboda (eds.), 1973Google Scholar
  86. Kawai, M., 1980Google Scholar
  87. Klein, L.R. and W.E. Krelle (eds.), 1983Google Scholar
  88. Kouri, P.J.K., 1983aGoogle Scholar
  89. Kouri, P.J.K., 1983bGoogle Scholar
  90. Krause, L.B. and W.S. Salant (eds.), 1977Google Scholar
  91. Krueger, A.O., 1983Google Scholar
  92. Lanyi, A., 1969Google Scholar
  93. Levich, R.M., 1985Google Scholar
  94. Levin, J.H., 1977Google Scholar
  95. Levin, J.H., 1983bGoogle Scholar
  96. Lindbeck, A. (ed.), 1979Google Scholar
  97. Martin, J.P. and A. Smith (eds.), 1979Google Scholar
  98. Martinengo, G., 1981Google Scholar
  99. Martinengo, G. and P.C. Padoan, 1983Google Scholar
  100. Masera, R.S., 1980Google Scholar
  101. Masera, R.S. and R. Triffin (eds.), 1984Google Scholar
  102. Mastropasqua, C., 1984Google Scholar
  103. McKinnon, R.I., 1963Google Scholar
  104. Meese, R.A., 1984Google Scholar
  105. Meese, R.A. and K. Rogoff, 1981Google Scholar
  106. Meese, R.A. and K. Rogoff, 1983aGoogle Scholar
  107. Meese, R.A. and K. Rogoff, 1983bGoogle Scholar
  108. Meese, R.A. and K. Rogoff, 1985Google Scholar
  109. Melvin, M., 1985Google Scholar
  110. Modigliani, F. and T. Padoa-Schioppa, 1978Google Scholar
  111. Mundell, R.A., 1961Google Scholar
  112. Mundell, R.A., 1963Google Scholar
  113. Murphy, R.G. and C. Van Duyne, 1980Google Scholar
  114. Mussa, M., 1976Google Scholar
  115. Mussa, M., 1984Google Scholar
  116. Niehans, J., 1984, Chap. 18Google Scholar
  117. Nurkse, R., 1945Google Scholar
  118. Obstfeld, M. and A.C. Stockman, 1985Google Scholar
  119. Officer, L.H., 1982Google Scholar
  120. Ortiz, G. and L.F. Solis, 1982Google Scholar
  121. Persson, T., 1984Google Scholar
  122. Rabin, A.A. and L.B. Yeager, 1982Google Scholar
  123. Robson, P., 1984, Chap. 6Google Scholar
  124. Rush, M. and S. Husted, 1985Google Scholar
  125. Salin, P. (ed.), 1984Google Scholar
  126. Sassanpour, C. and J. Sheen, 1984Google Scholar
  127. Shafer, J.R. and B.E. Loopesko, 1983Google Scholar
  128. Shelburn, M.R., 1984Google Scholar
  129. Spaventa, L., 1982Google Scholar
  130. Spaventa, L., 1983Google Scholar
  131. Thursby, M.C., 1981Google Scholar
  132. Tobin, J., 1982Google Scholar
  133. Tower, E. and T.D. Willet, 1976Google Scholar
  134. Triffin, R., 1982Google Scholar
  135. Various Authors, 1978Google Scholar
  136. Various Authors, 1982Google Scholar
  137. Wallich, H. and J.A. Gray, 1980Google Scholar
  138. Williams, H.R., 1973Google Scholar
  139. Williamson, J., 1985Google Scholar
  140. Williamson, J. (ed.), 1981Google Scholar
  141. Woo, W.T, 1985Google Scholar

Copyright information

© Springer-Verlag Berlin Heidelberg 1987

Authors and Affiliations

  • Giancarlo Gandolfo
    • 1
  1. 1.Faculty of Economics and CommerceUniversity of RomeRomeItaly

Personalised recommendations