Managed Flexibility

Paul Einzig

Chapter Chapter Sixteen in The Case against Floating Exchanges, 1970, pp 154-158 from Palgrave Macmillan

Abstract: Abstract According to one of the suggested formulas of flexibility, which does not go as far as the system of floating exchanges, fixed parities should be maintained in theory but should be changed much more frequently in practice. Exchange rates could be adjusted to their ever-changing equilibrium levels whenever disequilibrium causes or threatens to cause major difficulties. Although exchanges would not be allowed to find their own level, they would be adapted in frequent intervals to what the authorities consider — rightly or wrongly — to be their trade equilibrium level.

Date: 1970
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DOI: 10.1007/978-1-349-00681-6_16

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