Exchange rate management

Article Abstract:

The Sep 1992 financial turmoil in the Exchange Rate Mechanism and the resulting line of thought regarding the usefulness of sterilized market intervention may be adequately described by existing exchange rate theory. Such an argument is advanced via an examination of exchange rate management with respect to rate setting, target zones and policy instruments. All three, however, depend on whether the exchange rate is used as a nominal anchor for the economy or as a means of preventing disequilibria.

Foreign exchange, Foreign exchange market

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Will preferential agreements undermine the multilateral trading system?

Article Abstract:

The efficiency of the multilateral trading system will be implicated by the development of preferential agreements unless multilateral enforcement mechanisms are adequately weak. Enforcement concerns should be given importance, since the threat of future retaliation may not be adequate to provide a completely efficient multilateral agreement. Further reinforcement of the mechanisms of the GATT/WTO will undercut the case for preferential agreements.

Administration of General Economic Programs, Trade Negotiations, Trade Preferences, Tariff preferences

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