This volume contains the papers presented and comments made at two conferences on the controversial subject of greater flexibility of exchange rates. The first of the conferences was held at Oyster Bay, New York, early in 1969, the second at B�rgenstock, Switzerland, in the summer of 1969. One half of the 40 conferees were academic economists, the others were practitioners of the foreign exchange markets, mostly bankers and a few executives of international business firms. Both the opposition to greater flexibility of exchange rates and the advocacy of more flexible systems are represented in these papers. The contrast between fixed or jumping exchange rates and gliding exchange rates is clearly described and the various systems of increased flexibility, such as the "wider band" and the "crawling peg," are explained and examined.

Originally published in 1970.

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About the Author

C. Fred Bergsten has been director of the Peterson Institute for International Economics since its creation in 1981. Dr. Bergsten has been the most widely quoted think-tank economist in the world over the eight-year period 19972005. He was ranked in the top 50 "Who Really Moves the Markets?" by Fidelity Investment's Worth, and as "one of the ten people who can change your life" in USA Today. Dr. Bergsten was assistant secretary for international affairs of the US Treasury (197781). He also functioned as undersecretary for monetary affairs (198081), representing the United States on the G-5 Deputies and in preparing G-7 summits. Bergsten coordinated US foreign economic policy in the White House as assistant for international economic affairs (196971) to Dr. Henry Kissinger at the National Security Council. Dr. Bergsten has authored, coauthored, or edited 40 books on international economic issues.

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