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By George M Von Furstenberg

Edited through George M. von Furstenberg, this quantity provides the rethinking of the features and reasons served via foreign financial preparations at best universities, banks, and reputable associations.

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It has also cast doubt on the alternative extreme hypothesis that exchange rates are always at their equilibrium levels and that official attempts to influence exchange rates through sterilized intervention have no effects, even in the short run. The use of filter rules and autocorrelation analysis to study systematically the time patterns of exchange rate movements since generalized floating generally does not suggest the predictable reversibility of the large swings in exchange rates that would be consistent with views that massive destabilizing bandwagon effects have been a dominant cause of exchange rate volatility.

There are also important technical questions about whether this would be the most effective type of approach, even if such increased centralization of authority did prove feasible. A similar tendency to exaggerate substantially the benefits of international actions has sometimes occurred with proposals to regulate the Eurocurrency markets and to create a Fund substitution account to convert official foreign exchange holdings into SDRs. Advocates of international regulation of the Eurocurrency markets sometimes talk as if measures such as harmonization of reserve requirements would substantially increase the degree of international financial independence.

As it happened, however, the negotiations never really came close to achieving this degree of finality. 27 This outcome assures that there will be continuing complaints about dollar dominance and lack of symmetry in the current international monetary 27 For further discussion of the details of the Committee of Twenty's negotiations, see Solomon (1982), Willett (1977), and Williamson (1977) and (1982). ©International Monetary Fund. Not for Redistribution 30 THOMAS D. WILLETT system, but the frequency of such complaints cannot be taken as strong evidence of widespread support for substantial increases in the degree of centralized authority over the operation of the international monetary system.

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