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Why Stability is Unpopular
Democracy Tempered by Inﬂation
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adjustment adoption of ﬂoating advocates of ﬂoating arbitrage argument authorised balance of payments Bank of England banks become beneﬁt Bretton Woods Agreement Bretton Woods system Britain British buying capital movements cent changes of parities chapter commercial commitments conﬁdence countries crawling peg currency areas deﬂation degree devaluation disequilibrium dollar economic economists effect employment equilibrium rate exchange movements exchange risk existence export surplus extent favour ﬁgure ﬁnancial ﬁnd ﬁrms ﬁrst ﬁxed exchanges ﬁxed parities ﬂexible 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 inﬂationary inﬂuence intervention investments leads and lags liable limits ments oﬂicial overvalued possibility practice proﬁt realise reduced reserves result sake self-aggravating selling pressure Special Drawing Rights spot rates stability supply and demand system of ﬂoating tend theory tion trade deﬁcit trade equilibrium level trend undervalued wages