Exchange Rates and Economic Policy in the 20th Century: (Modern Economic and Social History)

Throughout the 20th century exchange rate mechanisms have been high on the agenda of economic policymakers. Popularly, a country's exchange rate may be seen as a reflection of the economic virility of an economy, and as a matter of prestige. In theory, the rate is an outcome of the competitiveness of the economy in engaging in international trade, but is itself also a key determinant of that international competitiveness. Countries which over-ambitiously aim for high exchange rates may fail to create favourable structural change, an in consequence they may experience the debilitating impact of low investment, deindustrialization and mass unemployment. Thus the rate chosen is a key influence on economic growth, competitiveness, trade, investment, consumption, saving, money supply, expectations, industrial structure and structural change, employment, and the government's budget. In compiling this volume, the editors have attempted to create an international perspective on critical issues concerning exchange rates and economic policy in the 20th century. A critical part of this debate is the weaving together of empirical observations of actual exchange rate experiences and the theoretical foundations of exchange rate economics.

Table of Contents:
Contents: Preface; Introduction, Ross E. Catterall; Exchange rate regimes and economic performance in the inter-war years, Derek H. Aldcroft; Exchange rate crises and the US financial markets during the 1930s, Scott Sumner; The political economy of money supply, exchange rate and inflation targets since Bretton Woods, Michael J. Oliver; European monetary union: does recent economic history in the UK suggest that exchange rates pose significant trade barriers?, Allan Webster; The cart before the horse?: Australian exchange rate policy and economic reform in the 1980s, Kieron Toner; Stabilisation and adjustment in Greece, 1990-99, Costas Karfakis; Riding the exchange rate roller-coaster: speculative currency markets and the durability of exchange rate regimes, Ross E. Catterall; The elusive case for flexible exchange rates, George Zis; Unilateral euroisation in transition countries: the case of southeastern Europe, Angelos Kotios; Index.

About the Author :
Ross E. Catterall, Anglia University, Cambridge, UK, and Derek H. Aldcroft, University of Leicester, UK Ross E. Catterall, Derek H. Aldcroft, Scott Sumner, Michael J. Oliver, Allan Webster, Kieron Toner, Costas Karfakis, George Zis, Angelos Kotios.