The Case against Floating Exchanges

Front Matter....Pages i-xi
Introductory....Pages 1-9
Why Stability is Unpopular....Pages 10-18
Democracy Tempered by Inflation....Pages 19-28
Past Experience in Flexibility....Pages 29-38
Why Economists Favour Floating Rates....Pages 39-50
The Equilibrium Rate Myth....Pages 51-60
The Trade Equilibrium Level....Pages 61-69
Balancing and Unbalancing Capital Movements....Pages 70-76
Speculative Deviations....Pages 77-84
The Dynamism of Arbitrage....Pages 85-91
Self-Aggravating Movements of Floating Rates....Pages 92-101
Trying to Win the Last Peace?....Pages 102-109
Floating into World Slump....Pages 110-137
Floating Rates between Currency Areas....Pages 138-143
Instability Tempered by Intervention....Pages 144-153
Managed Flexibility....Pages 154-158
Broadening the Band....Pages 159-166
The Undynamic Crawling Peg....Pages 167-175
Improving the Existing System....Pages 176-188
Doing the Right Thing in the Wrong Way....Pages 189-197
Back Matter....Pages 199-211