Trading in Foreign Exchange Markets: Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-fifth Congress, Second Session ... December 20, 1978

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Page 12 - ... avoid manipulating exchange rates or the international monetary system in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage over other members ; and iv) follow exchange policies compatible with the undertakings under this Section.
Page 137 - ... to collaborate with the Fund and other members to assure orderly exchange arrangements and to promote a stable system of exchange rates.
Page 38 - The views expressed in this statement are the sole responsibility of the author and do not purport to represent those of the Brookings Institution, its officers, trustees, or other staff members.
Page 137 - The Fund shall oversee the international monetary • system in order to ensure its effective operation, and shall oversee the compliance of each member with its obligations under Section I of this Article. (b) In order to. fulfill its functions under (a} above, the Fund, shall exercise firm surveillance over the exchange rate policies of members...
Page 138 - C. Members should take into account in their intervention policies the interests of other members, including those of the countries in whose currencies they intervene.
Page 138 - Article", and under article (b) to "exercise firm surveillance over the exchange rate policies of members, and to adopt specific principles for the guidance of all members with respect to those policies.
Page 137 - Two refer to the member's economic and financial policies; (l) to endeavor to direct its economic and financial policies toward the objective of fostering orderly economic growth with reasonable price stability; and (2) to seek to promote stability by fostering orderly underlying economic and financial conditions and a monetary system that does not tend to produce erratic conditions.
Page 61 - The Process of Exchange Rate Determination: A Survey of Important Models and Major Issues," Federal Reserve Board, International Finance Discussion Papers, No.
Page 138 - ... the pursuit, for balance of payments purposes, of monetary and other domestic financial policies that provide abnormal encouragement or discouragement to capital flows; and (v) behavior of the exchange rate that appears to be unrelated to underlying economic and financial conditions including factors affecting competitiveness and long-term capital movements.
Page 139 - This appraisal shall be made within the framework of a comprehensive analysis of the general economic situation and economic policy strategy of the member, and shall recognize that domestic as well as external policies can contribute to timely adjustment of the balance of payments.

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