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Exchange Rate Regimes in the Twentieth Century
This book provides the first comprehensive and accessible account of the evolution of exchange rate regimes in the twentieth century. It presents a chronological, non-technical history and in doing so manages to link the past with the present to shed new light on the merits of different exchange rate systems.
Since the golden age before the First World War, the international monetary system has experienced several changes in exchange rate regimes, alternating between fixed and floating rate systems interspersed with managed or dirty floats. The authors examine and assess the evolution of exchange rate regimes since the First World War to the present day. They discuss the forces that have brought about change in order to determine how different regimes affected the economic environment. They consider the merits or otherwise of the respective regimes and assess the evidence and arguments for and against fixed and floating exchange rate systems.
Exchange Rate Regimes in the Twentieth Century provides a coherent and manageable analysis of a complex subject. It will prove invaluable to both undergraduates and postgraduates studying economic history, international economics and international studies.
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What Reviewers Are Saying
`This book provides an accessible survey of the substantial literature that has now accumulated on exchange-rate regimes in the twentieth century . . . a welcome addition to the literature.' -- Stephen Broadberry, Journal of Economic History `. . . the volume is very up-to-date. It is so organised that every major exchange rate regime can be studied individually, yet every regime is adequately linked to the others. The reader is given a clear picture of the reasons behind different regimes and currency blocks, and their consequences . . . Aldcroft and Oliver have provided both an interesting and an accessible account of the exchange regimes . . . This volume is greatly to be welcomed, first, as an accessible and comprehensive approach to a complex subject and, secondly, for its success in capturing the economic environment and even, to some extent, the political environment that prevailed during the different regimes. The authors present much in the way of detailed facts, as well as an excellent list of references. This book can be strongly recommended both to specialists in twentieth-century international economics, as well as those interested in the topic more generally.' -- Jon Hirvilahti, Scandinavian Economic History Review `Aldcroft and Oliver provide a nice blend of history and discussion of the literature explaining events. They carefully weigh the pros and cons of specific views avoiding any impression that there could be one monolithic truth in historical analysis. The book is written in clear English, without resort to high-tech econometrics.' -- Hans Visser, De Economist