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By Grahame Walshe (auth.)

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Extra resources for International Monetary Reform

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We may want to add on to the calculation the costs of technical deficiencies in the system, which we have seen are probably not important. Putting broad figures to each of these value categories does not make sense unless it is performed for every country. -vis the first cost of the system. It is unambiguously beyond our scope to attempt it here. Other changes from pegged rates Various compromise positions can be taken up between free and fixed exchange rates. These are ably analysed by Halm [18] who cites a full list of sources.

Afull gold guarantee caters for the event of dollar inconvertibility. With $4/1 oz. K. K. can get only 50 oz. of gold if the dollar is gold convertible. K. would receive 50 oz. of gold for the original $100 in the event of a dollar devaluation against gold. Guarantees are meant to be a straightforward solution to the confidence problem. S. and other guarantors would be able to finance limitless deficits and the adjustment/liquidity problem would be solved (cf. Roosa [43]). The plan misinterprets the confidence problem.

Once an automatic corrective mechanism is instituted, countries require minimal compensatory balances for temporary finance purposes, and the doubling of the price of gold is both adequate for the repayment of liabilities and minimal reserves under the new GS regime. The fact that a doubling of the gold price seems an arbitrary 38 figure is unimportant: presumably the combined intelligences of the centre countries could fix an optimal price. Everything therefore hinges on the successful solution of the adjustment problem.

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