The Mirage of Fixed Exchange Rates

This paper discusses the profound difficulties of maintaining fixed exchange rates in a world of expanding global capital markets. Contrary to popular wisdom, industrialized-country monetary authorities easily have the resources to defend exchange parities against virtually any private speculative a...

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Veröffentlicht in:	The Journal of economic perspectives 1995-10, Vol.9 (4), p.73-96
Hauptverfasser:	Obstfeld, Maurice, Rogoff, Kenneth
Format:	Artikel
Sprache:	eng
Schlagworte:	Capital losses Capital market Capital markets Central banks Currencies Currency Developing countries Exchange rates Fixed exchange rates Fixed interest rates Fixed rates Floating exchange rates Foreign exchange markets Foreign exchange rates Inflation Inflation rates Interest rates Intervention LDCs Monetary policy Parity Real exchange rates Supplies Symposia: The Monetary Transmission Mechanism
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