国际经济学讲义.pptVIP

Exchange rates in post Bretton Woods era The behaviour of the exchange rate has been a matter of significant policy concern: US For the first 4 years of the Reagan Administration, the U.S. government (almost) completely avoided any official intervention and left the FE value of the U.S. dollar to be determined exclusively by market forces. By early 1985, U.S. policymakers perceived that the very strong dollar was undermining international competitiveness and contributing to massive trade and current account deficits that were fuelling protectionist sentiment. The Plaza Accord of September 19