An original and systematic synthesis of the major postwar
developments in theory and policy of balance-of-payments
adjustment, this book focuses on the present-day system of
pegged-but-adjustable exchange rates and the problems that policy
authorities must face if they are to attain full employment, price
stability, balance-of-payments equilibrium, and a satisfactory rate
of economic growth. The dominate theme of this book is that any
system of exchange rates carries with it assumptions about the way
it works and how effective the automatic and policy-motivated
forces operate to bring about equilibrium in a country's balance of
payments. By analyzing balance-of-payments adjustment and policies
under alternative exchange-rate systems, and with different
assumptions concerning the level of employment and prices, it is
possible to embrace a wide variety of contemporary and historical
circumstances experienced by individual countries and the world as
a whole. In this way the author assesses the economic consequences
of the different exchange-rate systems and of the policies that
countries may follow to attain their national objectives. In
particular it appears to Professor Stern that the international
monetary turmoil of the past ten years can be traced to the
exchange-rate inflexibilities of the adjustable-peg system and to
the creation of excessive reserves under the dollar standard. He
demonstrates that the international monetary system must be
redesigned to permit greater exchange-rate inflexibility and
control over the creation of new international reserve assets.
General
Imprint: |
Routledge
|
Country of origin: |
United Kingdom |
Release date: |
September 2017 |
First published: |
1973 |
Authors: |
Robert Stern
|
Dimensions: |
229 x 152mm (L x W) |
Format: |
Hardcover
|
Pages: |
451 |
ISBN-13: |
978-1-138-51918-3 |
Categories: |
Books >
Business & Economics >
Economics >
General
|
LSN: |
1-138-51918-9 |
Barcode: |
9781138519183 |
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