This text investigates the determinants of exchange rates and
evaluates the main options for policy-makers in limiting exchange
rate fluctuations. It draws on the empirical evidence of the
experiences of the G7 countries over the last two decades to
conclude that co-ordination of monetary policies is the best way to
manage exchange rates. Foreign exchange intervention in markets
appears to be effective within currency blocs like the European
Monetary System but not on the major exchange rates. It argues that
capital/foreign exchange controls become ineffective in the long
term and are not critical to the stability of exchange rate
systems. The book provides empirical evidence supporting a unified
theory of determination for the two main exchange rates.
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