This book from the Centre for Economic Policy Research (CEPR) deals
with the implications of the exchange rate regimes and capital
flows of the 1990s for government macroeconomic policy-making and
EC policy co-ordination. Under the fixed exchange rates of the
1950s, economists and policy-makers had a much clearer idea of the
nature of the external constraints. The commitment to defending the
exchange rate is stronger in the 1990s than in the 1970s and 1980s,
but at the same time international capital flows are far greater
and freer than in the 1950s and 1960s, with many countries able to
borrow almost indefinitely and on good terms on the Eurodollar
market in order to finance their balance-of-payments deficits. This
volume, derived from a conference organised jointly by CEPR and the
Bank of Greece, deals with these issues in depth and includes both
cross-country comparisons and case studies of individual countries.
General
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