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Why Stability is Unpopular
Democracy Tempered by Inflation
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adjustment adoption of floating advocates of floating allowing arbitrage argument authorised authorities balance of payments banks become Bretton Woods Agreement Bretton Woods system Britain British buying capital movements cent changes of parities chapter commercial commitments countries covering crawling peg currency areas defence degree devaluation disequilibrium dollar economic economists effect equilibrium rate exchange movements exchange rates exchange risk existence export surplus exports would balance extent fixed parities flexible exchanges floating currencies floating exchange rates floating exchanges floating rates fluctuations foreign exchange market foreign trade forward exchange facilities forward exchange transactions forward rates forward sterling franc gold standard Government hedging imports and exports increase inflation influence investments leads and lags liable ment overvalued politicians possibility practice prevent realise reason reduced reserves result sake self-aggravating selling pressure Special Drawing Rights spot rates stability supply and demand system of floating tend theoretical theory tion trade equilibrium level trend undervalued volume of forward wages