International Finance and Financial Policy

By Hans R. Stoll | Go to book overview
papers and congressional hearings: "Foreign Exchange Value of the Dollar" ( 1983), "Foreign Exchange Value of the Dollar" ( 1984), "The U.S. Dollar--Recent Developments, Outlook and Policy Options" ( 1985), and The Strong Dollar: Causes, Consequences and Policy Implications ( 1985).
2.
The focus of the policy debate in this country shifted as the dollar was steadily pushed up in early 1989 as a result of high U.S. interest rates and the rising stock market. In late September, officials of the G-7 countries concluded that the movements of the dollar rate were "inconsistent with economic fundamentals" and joined together in a surprise and massive round of dollar sales on September 25. Opposition to this strategy was made public when the vice-chairman and a second member of the Board of Governors of the Federal Reserve voted against an authorization to increase its holdings of foreign currencies from $18 billion to $20 billion in a meeting of the Federal Open Market Committee on the specific ground that "such authorization facilitates exchange rate intervention to drive the dollar lower" (Federal Reserve press release, October 6, 1989, p. 18).

REFERENCES

Annual Report for 1984, 1985, 1986. Council of Economic Advisers, Washington, D.C.

Bank for International Settlements. 58th Annual Report. Basel, 1988.

Camdessus, Michel, Managing Director of the IMF. "Deshmukh Memorial Lecture, Bombay", October 4, 1988, as reported in IMF Survey, October 31, 1988, pp. 338 ff.

Coombs Charles A. Hearings, "International Payments Imbalances and the Need for Strengthening International Financing Arrangements," Joint Economic Committee, U.S. Congress. May 16-June 21, 1961, p. 105.

Daly Donald J. Japanese Manufacturing Competitiveness: Implications for International Trade. Toronto: University of Toronto--York University, Joint Centre for Asia Pacific Studies, Working Paper Series No. 53, August 1988.

De Margaret Garritsen Vries. Balance of Payments Adjustment, 1945 to 1986: The IMF Experience. Washington, D.C.: International Monetary Fund, 1987.

Emminger Otmar. "Gold and World Monetary Problems." National Industrial Conference Board Convocation, Tarrytown, New York, October 6-10, 1965 ( MacMillan , 1966).

-----. "Practical Aspects of the Problem of Balance of Payments Adjustment." Journal of Political Economy, August 1967.

-----. "Practical Difficulties of Balance of Payments Adjustments." In Essays in honour of Thorkil Kristensen. Paris: Organization for Economic Cooperation and Development, 1970.

Feldstein Martin. "Is the Dollar Overvalued?" Speech before the Council of Foreign Relations, New York, April 7, 1983.

-----. "Correcting the Trade Deficit." Foreign Affairs, Spring 1987.

"Foreign Exchange Value of the Dollar," Joint Hearings of the subcommittees of the Committee on Banking, Finance and Urban Affairs, House of Representatives, October 5 to November 2, 1983.

"Foreign Exchange Value of the Dollar," report of the Subcommittees of the Committee on Banking, Finance and Urban Affairs, House of Representatives, March 1984.

-49-

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