by From Asad Zaman Published in Dawn, Mar 27, 2019, a leading Pakistani newspaper, in context of public debate about moving to a floating exchange rate regime — In 1971, when Nixon shocked the world by abandoning the convertibility of dollars to gold, he dragged all of us, unwillingly, into the modern era of floating exchange rates. Since then, economic theories have changed. But old habits die hard; economists and policymakers today continue to think and operate as if they live in the old world. This article examines the question of fixed versus floating exchange rate regimes from the new perspective of Modern Monetary Theory (MMT). read more
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from Asad Zaman
Published in Dawn, Mar 27, 2019, a leading Pakistani newspaper, in context of public debate about moving to a floating exchange rate regime —
In 1971, when Nixon shocked the world by abandoning the convertibility of dollars to gold, he dragged all of us, unwillingly, into the modern era of floating exchange rates. Since then, economic theories have changed. But old habits die hard; economists and policymakers today continue to think and operate as if they live in the old world. This article examines the question of fixed versus floating exchange rate regimes from the new perspective of Modern Monetary Theory (MMT). read more