Chapters in this book

1. Frontmatter i
2. Preface v
3. Contents ix
4. Part I. Introduction
5. 1. Toward Limited Flexibility of Exchange Rates 3
6. 2. Two Lists of Topics for Further Study and a Proposed Outline for Conference Papers 27
7. 3. On Terms, Concepts, Theories, and Strategies in the Discussion of Greater Flexibility of Exchange Rates 31
8. 4. Currency Parities in the Second Decade of Convertibility 49
9. 5. Comments on Mr. Roosa’s Paper 57
10. 6. The United States and Greater Flexibility of Exchange Rates 61
11. 7. Decision-Making on Exchange Rates 77
12. Part II. The Case for Greater Flexibility of Exchange Rates
13. 8. The Case for Flexible Exchange Rates, 1969 91
14. 9. Comments on Mr. Johnson’s Paper 112
15. 10. The International Monetary System: Some Recent Developments and Discussions 115
16. 11. Fixed Exchange Rates and the Market Mechanism 125
17. 12. The Adjustment Process, Its Asymmetry, and Possible Consequences 129
18. 13. Entrepreneurial Risk under Flexible Exchange Rates 145
19. 14. The Wider Band and Foreign Direct Investment 151
20. 15. The Business View of Proposals for International Monetary Reform 167
21. Part III. The Case Against Flexible Exchange Rates
22. 16. The Outlook for the Present World Monetary System 179
23. 17. Comments on Mr. Oppenheimer's Paper: A More Optimistic View 186
24. 18. Could the Crises of the Last Few Years Have Been Avoided by Flexible Exchange Rates? 187
25. 19. Notes for the Biirgenstock Conference 199
26. 20. Why I Am Not in Favor of Greater Flexibility of Exchange Rates 203
27. 21. Greater Flexibility of Exchange Rates: Effects on Commodities, Capital, and Money Markets 209
28. 22. Selected Case Studies Relating to Foreign- Exchange Problems in International Trade and Money Markets 211
29. 23. Comments on Mr. Kuster's Paper 216
30. Part IV. Practical Proposals and Suggestions for Implementation
31. 24. The International Monetary Game: Objectives and Rules 223
32. 25. When and How Should Parities Be Changed? 233
33. 26. A “Realistic” Note on Threefold Limited Flexibility of Exchange Rates 237
34. 27. Asymmetrical Widening of the Bands Around Parity 245
35. 28. Sliding Parities: A Proposal for Presumptive Rules 251
36. 29. The Fixed-Reserve Standard: A Proposal to "Reverse" Bretton Woods 261
37. 30. Rules for a Sliding Parity: A Proposal 271
38. 31. Some Implications of Flexible Exchange Rates, Including Effects on Forward Markets and Transitional Problems 275
39. 32. A Technical Note on the Width of the Band Required to Accommodate Parity Changes of Particular Size 280
40. 33. Short-Term Capital Movements and the Interest-Rate Constraint Under Systems of Limited Flexibility of Exchange Rates 283
41. Part V. Exchange-Rate Flexibility and the Forward Market
42. 34. The Forward-Exchange Market: Misunderstandings Between Practitioners and Economists 297
43. 35. Forward Currency “Costs”: A Zero Sum Game? 307
44. 36. Comments on Mr. Watts's Paper 309
45. 37. Exchange Risks and Forward Coverage in Different Monetary Systems 311
46. 38. The Effect on the Forward-Exchange Market of More Flexible Rates 317
47. 39. Comments on Mr. Batt’s Paper 320
48. 40. Flexible Exchange Rates and Forward Markets 323
49. Part VI. Potential Impact of Exchange-Rate Flexibility on Different Countries or Groups of Countries
50. 41. Canada’s Experience with a Floating Exchange Rate, 1950-1962 337
51. 42. A Floating German Mark: An Essay in Speculative Economics 345
52. 43. Japan’s Twenty-Year Experience with a Fixed Rate for the Yen 357
53. 44. The Problem of Floating Exchange Rates from the Swiss Viewpoint 365
54. 45. Balance-of-Payments and Exchange-Rate Problems in Sweden, Denmark, and Finland 371
55. 46. European Integration and Greater Flexibility of Exchange Rates 385
56. 47. Comments on Mr. Kasper's Paper: Requiem for European Integration 388
57. 48. Comments on the Papers by Messrs. Mosconi and Kasper: Red Herrings, Carts, and Horses 392
58. 49. The Agricultural Regulations of the European Economic Community as an Obstacle to the Introduction of Greater Flexibility of Exchange Rates 401
59. 50. The Concept of Optimum Currency Areas and the Choice Between Fixed and Flexible Exchange Rates 407
60. Part VII. Miscellany
61. 51. Import Border Taxes and Export-Tax Refunds Versus Exchange-Rate Changes 417
62. 52. Government and the Corporation: A Fallacious Analogy 425
63. Contributors 427
64. Index 429