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1 1 (1978)

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Exchange Rate Flexibility, edited by Jacob S. Dreyer, Gottfried Haberler,
and Thomas  D. Willett, contains the edited proceedings of a conference
sponsored jointly by the American Enterprise Institute and the U.S.
Department of the Treasury. Participants from universities, government
agencies, and financial institutions assess the first three years of general-
ized floating of currencies.
  *  In Part One, Edward M. Bernstein stresses the volatility of certain
bilateral exchange rates; Josef Molsberger presents a European view of
the problem, emphasizing the beneficial aspects of exchange rate adjust-
ments; and Thomas  D. Willett familiarizes the participants with con-
temporary technical studies on exchange rate flexibility. C. Fred
Bergsten, Harold van B. Cleveland, Gottfried Haberler, and Harry G.
Johnson comment on the three papers.
  *  In Part Two, John Rutledge reports the opinions of foreign exchange
traders on the working of the market; Richard James Sweeney discusses
empirical tests of the efficiency of foreign exchange markets; and Wilson E.
Schmidt analyzes the role of the intervention in these markets by the
Federal Reserve System. Comments on the papers are given by Horst
Duseberg, Nicolas Krul, Scott Pardee, and Dennis Weatherstone.
   * In Part Three, Joseph M. Burns briefly summarizes his study of the
joint influence of new accounting standards and flexible exchange rates on
multinational corporations; Alan Teck discusses the hedging strategies
of such corporations to limit their vulnerability to changes in exchange
rates; James Burtle and Sean Mooney analyze the cost of doing inter-
national business under floating exchange rates. These papers are fol-
lowed by  the commentaries of Donald J. Kirk, Geoffrey Bell, and
Dennis E. Logue.
  *  In Part Four, Edwin H. Yeo III discusses the U.S. interpretation
of the Rambouillet and Jamaica agreements and Sam Y. Cross focuses
on the role of the International Monetary Fund under the evolving inter-
national monetary arrangements. Commentaries by Thomas de Vries,
J. J. Polak, Armin Gutowski, Fred Hirsch, Rimmer de Vries, Marina v.
N. Whitman, and Thomas  D. Willett are followed by Cross's rejoinder.
  *  In Part Five, Robert L. Slighton examines international liquidity in
a system of flexibile exchange rates. Commentaries are provided by
Franz Aschinger, Fritz Machlup, Walter S. Salant, Wolfgang Schmitz,
Egon Sohmen, and Robert Triffin.


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ISBeN 978-0-8447-2123-1



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9780844 721231


EXCHANGE RATE

        FLEXIBILITY


                       Edited by
         Jacob  S. Dreyer, Gottfried Haberler,
                and  Thomas  D. Willett


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