Britain's Trade and Exchange-Rate Policy.

1980 ◽  
Vol 90 (359) ◽  
pp. 643 ◽  
Author(s):  
I. H. McNicoll ◽  
Robin Major
Slavic Review ◽  
2021 ◽  
Vol 80 (3) ◽  
pp. 523-543
Author(s):  
Oldřich Krpec ◽  
Vít Hloušek

Czechoslovakia was the first industrialized economy to substantially increase tariffs after the First World War. At that time, Czechoslovakia was highly export-oriented, with a large trade surplus in industrial goods. We argue that the introduction of tariffs was a consequence of the ethnically heterogeneous structure of the economy. German capital controlled the highly export-oriented light and consumer goods industries; Czech capital dominated in industries that were far less export-oriented or even import-competing, such as machinery, transportation equipment, and electrical goods. Trade and exchange-rate policy preferences of both groups clearly differed; however, the policy decision-making process (at least until 1926) was completely controlled by Czechoslovaks and Czech capital, explicitly committed to a nationalist takeover of Czechoslovakia's economy. This is why it was possible to implement an exchange rate and trade policy that ran contrary to theoretical expectations based on the general (national aggregate) indicators of the national economy.


1979 ◽  
Vol 90 ◽  
pp. 77-85 ◽  
Author(s):  
R.L. Major

The National Institute has launched a series of conferences on important issues of economic policy. The conference papers and accounts of the conference discussions are being published by Heinemann Educational Books. The first two books in the series, entitled Demand Management and De-industrialisation, were the outcome of conferences held in December 1977 and June 1978 respectively. The third book, of which this article gives a brief summary under the same title, appeared this month, following a conference in June 1979. The purpose of the conference was to provide a forum for discussion of the trade and exchange-rate policies which the United Kingdom should pursue domestically and advocate in the international arena, and the choice of topics reflects the attention recently devoted there to non-tariff barriers to trade, general economic relations between North and South, the European Monetary System, and its differing implications for debtor and creditor countries. Future studies will be conducted under the joint sponsorship of the National Institute, the Policy Studies Institute and the Royal Institute of International Affairs. The first under the new arrangement will take place next month, with ‘Britain in Europe’ as its theme. The series has been started with financial support from the Nuffield Foundation.


2004 ◽  
pp. 112-122
Author(s):  
O. Osipova

After the financial crisis at the end of the 1990 s many countries rejected fixed exchange rate policy. However actually they failed to proceed to announced "independent float" exchange rate arrangement. This might be due to the "fear of floating" or an irreversible result of inflation targeting central bank policy. In the article advantages and drawbacks of fixed and floating exchange rate arrangements are systematized. Features of new returning to exchange rates stabilization and possible risks of such policy for Russia are considered. Special attention is paid to the issue of choice of a "target" currency composite which can minimize external inflation pass-through.


2010 ◽  
pp. 29-43
Author(s):  
S. Smirnov

The Bank of Russia intends to introduce inflation targeting policy and exchange rate free floating regime in three years. Exogenous shocks absorption which stabilizes the real sector of economy is usually considered to be one of the advantages of free floating exchange rate policy. However, our research based on the analysis of 25 world largest economies exchange rates and industrial production during the crisis of 2008-2009 does not confirm this hypothesis. The article also analyzes additional risks associated with free floating exchange rate regime in Russia and presents some arguments in favor of managed floating exchange rate regime.


2010 ◽  
pp. 21-28
Author(s):  
K. Yudaeva

The level of trust in the local currency in Russia is very low largely because of relatively high inflation. As a result, Bank of Russia during crisis times can not afford monetary policy loosening and has to fight devaluation expectations. To change the situation in the post-crisis period Russia needs to live through a continuous period of low inflation. Modified inflation targeting can help achieve such a result. However, it should be amended with institutional changes, particularly development of hedging instruments.


Sign in / Sign up

Export Citation Format

Share Document