Titlebook: Reflections on a Troubled World Economy; Fritz Machlup (Professor of Economics),Gerhard Fel Book 1983 Palgrave Macmillan, a division of Ma

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Exchange-rate Intervention: Arbitrage and Market EfficiencyPrior to the breakdown, it was generally believed that official intervention would be far less extensive with a floating exchange-rate regime; the irony, however, is that official transactions in reserve assets have been substantially larger under the floating exchange-rate system than under the pegged exchange-rate system.

Evacuate

獸群

武器

Key Currencies and Financial Centresrrency standing at the apex of a world system—whether two or more such currencies can serve effectively if no single currency stands out following the weakening of the dollar—and to explore a bit of European financial history in search of insights, analogies or contrasts with the present.

Ceremony

Innocence

TRAWL

Disillusionment in the Conduct of Exchange-rate Policiesove by between 20 and 30 per cent. The central banks are affected by what happens abroad as much as they ever were. An important difference, however, is that devaluation is viewed in a far less favourable light by those concerned with economic policy than ever before.

MENT

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The Logic of the International Monetary Non-system, the breakdown of the Bretton Woods system and the Oil Shock. It has no relationship to anything considered or proposed by the Committee of Twenty that was supposed to produce an outline of a new system and that gave up the job at the end of 1973. It is neither a system of agreed fixed rates of exc

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Key Currencies and Financial Centresan appropriate subject for this volume since Professor Giersch is a key economist in a key country with what may well be the next key currency. I propose in this essay to discuss the question of whether the arrangements for international money should be organised hierarchically, with a single key cu