Milton Friedman and Exchange Rates: History and Controversies

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-06-09 DOI:10.1215/00182702-10772930

S. Edwards

引用次数: 0

Abstract

This article investigates how Milton Friedman's views on exchange rates in emerging nations evolved through time. Early on he supported flexible exchange rates for most less developed countries. He endorsed several forms of flexibility, including auctions and the “crawling peg.” Starting in the early 1970s, he favored a system characterized by fixed rates and no central banks. From that point on he argued that while flexible rates were the preferred option for advanced nations, they were the second-best solution for (most) developing countries. This article helps elucidate Friedman's views on the use of pegged exchange rates during stabilization programs (Chile and Israel) and on exchange rates in socialist countries (China and Yugoslavia).

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米尔顿·弗里德曼与汇率:历史与争议

本文研究了米尔顿·弗里德曼关于新兴国家汇率的观点是如何随着时间的推移而演变的。早些时候，他支持大多数欠发达国家实行灵活汇率。他支持几种形式的灵活性，包括拍卖和“爬行挂钩”。从20世纪70年代初开始，他支持一个以固定利率和无央行为特征的体系。从那时起，他提出，虽然灵活汇率是发达国家的首选方案，但对(大多数)发展中国家来说，这是次优方案。这篇文章有助于阐明弗里德曼在稳定计划(智利和以色列)和社会主义国家(中国和南斯拉夫)中使用挂钩汇率的观点。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.