Chapter II. The World Economy

Simon Wren-Lewis and Fiona Eastwood

National Institute Economic Review, 1987, vol. 122, 24-40

Abstract: To a large extent the seeds of the global stock market crash in October lie in the Louvre accord established at the beginning of this year. As we argue below, this agreement was fatally flawed in attempting to fix the dollar at too high a level. This error was initially both masked and aggravated by the extensive use of official intervention as the means of supporting the dollar. By the end of the summer it is estimated that up to two thirds of the US current account deficit was ‘covered’ by official intervention.

Date: 1987
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