International Monetary Reforms

In Retrospect and Prospect

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The Jamaica Agreement

International Exchange arrangements that have been operating since March 1973 were stop-gap arrangements meant to fill the void created by the collapse of the par value system. The dominant characteristic of these exchange arrangements has generally been described as managed floating under which monetary authorities of the floating currencies intervened in the exchange market. Still as the IMF Annual Report 1975 points out, very short-term movements in exchange rates have been quite sharp and erratic on a number of occasions, during the past three years.


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