This volume contains the papers presented and comments made at two
conferences on the controversial subject of greater flexibility of
exchange rates. The first of the conferences was held at Oyster
Bay, New York, early in 1969, the second at Burgenstock,
Switzerland, in the summer of 1969. One half of the 40 conferees
were academic economists, the others were practitioners of the
foreign exchange markets, mostly bankers and a few executives of
international business firms. Both the opposition to greater
flexibility of exchange rates and the advocacy of more flexible
systems are represented in these papers. The contrast between fixed
or jumping exchange rates and gliding exchange rates is clearly
described and the various systems of increased flexibility, such as
the "wider band" and the "crawling peg," are explained and
examined. Originally published in 1970. The Princeton Legacy
Library uses the latest print-on-demand technology to again make
available previously out-of-print books from the distinguished
backlist of Princeton University Press. These editions preserve the
original texts of these important books while presenting them in
durable paperback and hardcover editions. The goal of the Princeton
Legacy Library is to vastly increase access to the rich scholarly
heritage found in the thousands of books published by Princeton
University Press since its founding in 1905.
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