Exchange Rates and Exchange Controls

descriptionPublicationkeyboard_double_arrow_right Part of book or chapter of book , Other literature type 01 Jan 1987 English Publisher:Palgrave Macmillan UK

Authors: Roy Hattersley;

doi: 10.1007/978-1-349-18608-2_6

Exchange Rates and Exchange Controls

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Abstract

A currency crisis, which would normally and inevitably follow as balance of payments difficulties loom was only held back in early 1987 by a combination of the highest real interest rates in our history (and in the developed world) and a number of fortuitious circumstances that cannot last — an OPEC price increase, chaos inside the EMS and dollar weakness. Nevertheless sterling still fell to its lowest ever level against the Deutschmark.

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