1887

Towards a New Bretton Woods

Challenges for the World Financial and Trading System: Selected Backgound Papers Prepared for a Commonwealth Study Group, Volume I and II

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English

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Exchange Rate Fluctuations: Causes; Consequences; Means To Greater Stability

The standpoint of this paper is that while the present system of (more or less) floating exchange rates has in practice not always worked well there is no evidently superior alternative. worked well there is no evidently superior alternative. The paper looks first at the explanations of exchange rate instability, its magnitude and effects. The conclusion is that the costs of exchange rate instability do not appear serious though there may be greater difficulties for some traders in developing countries.

English

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