The International Monetary System Under Flexible Exchange Rates: Global, Regional, and National : Essays in Honor of Robert TriffinRichard N. Cooper, Peter Bain Kenen |
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adjustment appreciation assets denominated assumed authorities balance bilateral capital central banks changes consider cost countries currency current account deficit demand depends deposits depreciation determined developments discussion divergence dollar domestic economic effect equation equilibrium Eurocurrency European example exchange market exchange rate expansion expectations external fact fixed flexible flows foreign exchange franc Germany given gold growth holdings important income increase indicator industries inflation interest interest rates international monetary intervention investor issue Italy lead less maintain mark means measures monetary policy move movements nominal occur official operation output payments percent period portfolio position preferences problem productivity protection purchasing power reason reduced relative reserves respect response result risk sector share shift stability standard sterilized supply Table theory tion trade trade balances Triffin United University variance wealth weights