Re: fIXING A TYPO IN MY PREVIOUS EMAIL

[Clifford Poirot <cpoirot@xxxxxxxxxxx>]

I think fixed rates are a great idea if they are coordinated on a global
level. Otherwise, a fixed rate virtually guarantees a speculative attack at
some point, meaning the only viable strategy for most countries today as
policy options **for individual countries** is a flexible exchange rate.

-----Original Message-----
From: paul davidson [mailto:pdavidson@xxxxxxx]
Sent: Monday, April 28, 2003 1:45 PM
To: pkt@xxxxxxxxxxxxxxxx
Subject: fIXING A TYPO IN MY PREVIOUS EMAIL


  I wrote:


>I think those with those who think that a flexible exchange rate is the
>problem and a flexible exchange rate is the solution -- suffer from a
>failure to understand the lack of Marshall -Lerner conditions in modern
>day international trade....


I obviously meant "I think those who think that a FIXED exchange rate is
the problem and a flexible exchange rate is the solution....

Paul