Free Download Floating Exchange Rates at Fifty (Peterson Institute for International Economics) by Douglas A. Irwin, Maurice Obstfeld
English | April 15, 2024 | ISBN: 0881327492 | 384 pages | PDF | 8.51 Mb
Fifty years ago, in March 1973, the major industrial economies abandoned fixed exchange rates, conclusively ending the post-World War II Bretton Woods arrangements. Proponents believed their action would strengthen countries’ ability to reconcile domestic macroeconomic policies with the balance of payments. But opponents feared it would initiate a new era of instability and financial shocks. Since 1973, much of the world has moved away from fixed exchange rates to a variety of regimes based on considerable exchange rate flexibility. But international trade conflicts and unstable capital flows, along with a rise in financial crises around the world, have nonetheless accompanied the global shift away from exchange rate pegs.
