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The world economy since the 19th century has been characterized by varying degrees of interdependence. In the pre—World War I world, individual economies to a great extent were exposed to economic ...
Free trade has long been accepted amongst economists as the desideratum for global prosperity. But if free trade in goods is to be secured it needs to be accompanied by unhindered cross-border move...
Incoherent Straddles One point is no less central for being familiar: A compromise exchange rate system is the worst of all. Either of two opposite extreme arrangements makes better sense: complete...
In the 1990s, a new consensus emerged regarding exchange rate regimes. Governments must choose between flexible exchange rates and firmly fixed exchange rates. Pegged rates of the adjustable sort, ...
Preferences for exchange rate regimes appear to move in cycles. Before the collapse of the Bretton Woods system of fixed parities in 1973, policymakers and economists advocated flexible exchange rat...
Merits and Demerits of International Investment Ideally, resources saved from producing for current consumption are invested where they will create the most value, whether at home or abroad. Savers...
In recent years, China has experienced rapid social and economic development. Against this backdrop, growing pressure for renminbi appreciation emerged and China’s trade surplus and foreign reserves...

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