JOURNAL ARTICLE
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Feste oder flexible Wechselkurse?
Erfahrungen vom Goldstandard bis zur Gegenwart
Credit and Capital Markets – Kredit und Kapital, Vol. 35 (2002), Iss. 4 : pp. 481–502
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Hans-Joachim Jarchow, Göttingen
References
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Abstract
Fixed or Flexible Rates of Exchange?
Experience Ranging from the Gold Standard up to the Present Time
This article discusses a period of over 120 years of exchange-rate policy experience gathered with the classic gold standard, the Bretton Woods System, European monetary integration, the transformation process in eastern Europe as well as more recent financial and monetary crises. Especially two hypotheses have been highlighted in this article's evaluation and been substantiated by exchangerate policy experience: 1. Countries with liberalised systems of capital movement and fixed rates of exchange lose their monetary policy autonomy in a policy course aimed at economic stability. 2. Tying the exchange rate to a currency functioning as an anchor of stability may be helpful in curbing high rates of inflation, but may under certain circumstances result in risks to the country's international competitiveness in the long run. When including into the evaluation also the experience gathered with the wider post-Bretton Woods System flexibility of the exchange-rate system, the answer to the question put in the title of this article that is based on the conclusions derived from exchange-rate policy experience is as follows: exchange rates should be flexible or, if they are fixed, they should be fixed in a credible manner.