Fixed Exchange Rates [Was: Re: fIXING A TYPO IN MY PREVIOUS EMAIL

["Gunnar Tomasson" <gunnar.tomasson@xxxxxxxxxxx>]

Agree.

In principle, the requisite "coordination on a global level" can take the
form of overdraft/clearing facilities at the IMF established as part of
overall monetary reform at both national and international levels.

In the context of such reform along lines spelled out in my 1989 working
paper 'Monetary Theory Revisited' (posted in Gang8 Archives at
www.creditary-economics.org) at the national level, access to such IMF
overdraft/clearing facilities would be both automatic and interest-free
within prescribed quantitative limits.

Gunnar





----- Original Message -----
From: "Clifford Poirot" <cpoirot@xxxxxxxxxxx>
To: <pkt@xxxxxxxxxxxxxxxx>
Sent: Monday, April 28, 2003 3:53 PM
Subject: Re: fIXING A TYPO IN MY PREVIOUS EMAIL


> 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
>