Conclusion

Robert Leeson

Chapter 23 in Ideology and the International Economy, 2003, pp 184-188 from Palgrave Macmillan

Abstract: Abstract With the benefit of hindsight it is clear that neither adversarial position with respect to exchange rate regimes was fully vindicated by subsequent events. Behind the public analysis offered by the Bretton Woods administrators lay the fear that floating exchange rates would open a Pandora’s box which therefore had to be left closed. For example, in 1964, Roosa ‘emphatically’ and privately informed the recently appointed British Chancellor that it would be impossible to maintain the post-war system if a currency realignment was even attempted. Therefore, if the idea was merely ‘floated the subsequent failure would be disastrous for the stability of the international monetary system’ (Callaghan 1987, 171). Not surprisingly, after this Pandora’s box was opened, the policemen looked at the world ‘with an unusual mixture of hope and uneasiness’ (de Vries 1985a, 85).

Keywords: Exchange Rate; Real Exchange Rate; Exchange Rate Regime; Flexible Exchange Rate; Fixed Exchange Rate (search for similar items in EconPapers)
Date: 2003
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DOI: 10.1057/9780230286023_23

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