The Balance of Payments: Free Versus Fixed Exchange Rates

American American Enterprise Institute balance of payments balance-of balance-of-payments bankers bloc BRATTER Britain capital flows capital movements central banks competitive coun countries currency deficit depreciation devaluation dollar domestic economy effect exchange controls exchange-rate exports fact fixed exchange rates fixed price fixed rates fixed-rate system flexible exchange rates flexible rates flexible-rate system floating exchange rates floating rates fluctuations foreign exchange markets foreign trade going HABR happen import quotas increase interest equalization tax internal policy justment keep the price kind mean ment Milton MILTON FRIEDMAN move parity peg exchange rates pegged rates percent PIQUET pound pound sterling price of gold problem produced PROFESSOR FRIEDMAN PROFESSOR HABERLER question rate system Rational Debate real gold standard reason rencies reserves ROOSA SEGAL sell simply speculation stable sure surplus system of floating thing tion unemployment United United States dollar