Further Thoughts on Official Support of the Forward Exchange Rate

Henry N. Goldstein

The Quarterly Journal of Economics, 1966, vol. 80, issue 3, 443-455

Abstract: I. The rationale for official intervention, 443. — II. Aliber's rebuttal of the common-sense view that intervention is unwise if the authorities themselves believe parities may be changed, 445. — III. The case of a nonreserve-currency country, 446. — IV. Losses to speculators vs. the devaluation profit, 451.—V. The special case of the dollar, 452. — VI. Summary and conclusion, 454.

Date: 1966
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