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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 Bürgenstock, 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.

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Table of Contents

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  1. Cover
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  1. Title Page, Copyright
  2. pp. i-iv
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  1. Preface
  2. pp. v-viii
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  1. Contents
  2. pp. ix-xiv
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  1. Part I. Introduction
  1. 1. Toward Limited Flexibility of Exchange Rates
  2. George N. Halm
  3. pp. 3-26
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  1. 2. Two Lists of Topics for Further Study and a Proposed Outline for Conference Papers
  2. pp. 27-30
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  1. 3. On Terms, Concepts, Theories, and Strategies in the Discussion of Greater Flexibility of Exchange Rates
  2. Fritz Machlup
  3. pp. 31-48
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  1. 4. Currency Parities in the Second Decade of Convertibility
  2. Robert V. Roosa
  3. pp. 49-56
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  1. 5. Comments on Mr. Roosa's Paper
  2. George N. Halm
  3. pp. 57-60
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  1. 6. The United States and Greater Flexibility of Exchange Rates
  2. C. Fred Bergsten
  3. pp. 61-76
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  1. 7. Decision-Making on Exchange Rates
  2. Stephen N. Marris
  3. pp. 77-88
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  1. Part II. The Case for Greater Flexibility of Exchange Rates
  1. 8. The Case for Flexible Exchange Rates, 1969
  2. Harry G. Johnson
  3. pp. 91-111
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  1. 9. Comments on Mr. Johnson's Paper
  2. George N. Halm
  3. pp. 112-114
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  1. 10. The International Monetary System: Some Recent Developments and Discussions
  2. Gottfried Haberler
  3. pp. 115-124
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  1. 11. Fixed Exchange Rates and the Market Mechanism
  2. George N. Halm
  3. pp. 125-128
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  1. 12. The Adjustment Process, Its Asymmetry, and Possible Consequences
  2. Marius W. Holtrop
  3. pp. 129-144
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  1. 13. Entrepreneurial Risk under Flexible Exchange Rates
  2. Herbert Giersch
  3. pp. 145-150
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  1. 14. The Wider Band and Foreign Direct Investment
  2. David L. Grove
  3. pp. 151-166
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  1. 15. The Business View of Proposals for International Monetary Reform
  2. John H. Watts
  3. pp. 167-176
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  1. Part III. The Case Against Flexible Exchange Rates
  1. 16. The Outlook for the Present World Monetary System
  2. Peter M. Oppenheimer
  3. pp. 179-185
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  1. 17. Comments on Mr. Oppenheimer's Paper: A More Optimistic View
  2. Thomas D. Willett
  3. p. 186
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  1. 18. Could the Crises of the Last Few Years Have Been Avoided by Flexible Exchange Rates?
  2. Max Iklé
  3. pp. 187-198
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  1. 19. Notes for the Bürgenstock Conference
  2. Antonio Mosconi
  3. pp. 199-202
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  1. 20. Why I Am Not in Favor of Greater Flexibility of Exchange Rates
  2. Giuliano Pelli
  3. pp. 203-208
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  1. 21. Greater Flexibility of Exchange Rates: Effects on Commodities, Capital, and Money Markets
  2. Emil Kuster
  3. pp. 209-210
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  1. 22. Selected Case Studies Relating to Foreign-Exchange Problems in International Trade and Money Markets
  2. Emil Kuster
  3. pp. 211-215
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  1. 23. Comments on Mr. Kuster's Paper
  2. Richard N. Cooper
  3. pp. 216-218
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  1. Part IV. Practical Proposals and Suggestions for Implementation
  2. pp. 219-222
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  1. 24. The International Monetary Game: Objectives and Rules
  2. Lawrence B. Krause
  3. pp. 223-232
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  1. 25. When and How Should Parities Be Changed?
  2. Robert V. Roosa
  3. pp. 233-236
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  1. 26. A "Realistic" Note on Threefold Limited Flexibility of Exchange Rates
  2. William Fellner
  3. pp. 237-244
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  1. 27. Asymmetrical Widening of the Bands Around Parity
  2. George H. Chittenden
  3. pp. 245-250
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  1. 28. Sliding Parities: A Proposal for Presumptive Rules
  2. Richard N. Cooper
  3. pp. 251-260
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  1. 29. The Fixed-Reserve Standard: A Proposal to"Reverse" Bretton Woods
  2. Donald B. Marsh
  3. pp. 261-270
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  1. 30. Rules for a Sliding Parity: A Proposal
  2. Thomas D. Willett
  3. pp. 271-274
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  1. 31. Some Implications of Flexible Exchange Rates,Including Effects on Forward Markets and Transitional Problems
  2. C. M. Van Vlierden
  3. pp. 275-279
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  1. 32. A Technical Note on the Width of the Band Required to Accommodate Parity Changes of Particular Size
  2. Harry G. Johnson
  3. pp. 280-282
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  1. 33. Short-Term Capital Movements and the Interest-Rate Constraint Under Systems of Limited Flexibility of Exchange Rates
  2. Thomas D. Willett
  3. pp. 283-294
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  1. Part V. Exchange-Rate Flexibility and the Forward Market
  1. 34. The Forward-Exchange Market: Misunderstandings Between Practitioners and Economists
  2. Fritz Machlup
  3. pp. 297-306
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  1. 35. Forward Currency "Costs": A Zero Sum Game?
  2. John H. Watts
  3. pp. 307-308
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  1. 36. Comments on Mr. Watts's Paper
  2. Fritz Machlup
  3. pp. 309-310
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  1. 37. Exchange Risks and Forward Coverage in Different Monetary Systems
  2. Egon Sohmen
  3. pp. 311-316
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  1. 38. The Effect on the Forward-Exchange Market of More Flexible Rates
  2. W. F. J. Batt
  3. pp. 317-319
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  1. 39. Comments on Mr. Batt's Paper
  2. Fritz Machlup
  3. pp. 320-322
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  1. 40. Flexible Exchange Rates and Forward Markets
  2. Edwin A. Reichers and Harold Van B. Cleveland
  3. pp. 323-331
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  1. Part VI. Potential Impact of Exchange-Rate Flexibility on Different Countries or Groups of Countries
  2. pp. 332-336
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  1. 41. Canada's Experience with a Floating Exchange Rate, 1950-1962
  2. Donald B. Marsh
  3. pp. 337-344
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  1. 42. A Floating German Mark: An Essay in Speculative Economics
  2. Herbert Giersch and Wolfgang Kasper
  3. pp. 345-356
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  1. 43. Japan's Twenty-Year Experience with a Fixed Rate for the Yen
  2. Tadashi Iino
  3. pp. 357-364
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  1. 44. The Problem of Floating Exchange Rates from the Swiss Viewpoint
  2. Max Iklé
  3. pp. 365-370
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  1. 45. Balance-of-Payments and Exchange-Rate Problems in Sweden, Denmark, and Finland
  2. Erik Lundberg and Åke Lundgren
  3. pp. 371-384
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  1. 46. European Integration and Greater Flexibility of Exchange Rates
  2. Wolfgang Kasper
  3. pp. 385-387
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  1. 47. Comments on Mr. Kasper's Paper: Requiem for European Integration
  2. Antonio Mosconi
  3. pp. 388-391
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  1. 48. Comments on the Papers by Messrs. Mosconi and Kasper: Red Herrings, Carts, and Horses
  2. Stephen N. Marris
  3. pp. 392-400
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  1. 49. The Agricultural Regulations of the European Economic Community as an Obstacle to the Introduction of Greater Flexibility of Exchange Rates
  2. Friedrich A. Lutz
  3. pp. 401-406
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  1. 50. The Concept of Optimum Currency Areas and the Choice Between Fixed and Flexible Exchange Rates
  2. Thomas D. Willett and Edward Tower
  3. pp. 407-415
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  1. Part VII. Miscellany
  1. 51. Import Border Taxes and Export-Tax Refunds Versus Exchange-Rate Changes
  2. Gottfried Haberler
  3. pp. 417-424
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  1. 52. Government and the Corporation: A Fallacious Analogy
  2. Harry G. Johnson
  3. pp. 425-426
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  1. Contributors
  2. pp. 427-428
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  1. Index
  2. pp. 429-436
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