TY  - BOOK
AU  - Einzig,Paul
TI  - The case against floating exchanges
SN  - 0333100441
AV  - HG3851 .E35
U1  - 332.45 
PY  - 1970///
CY  - London
PB  - Macmillan
KW  - Foreign exchange
KW  - Foreign exchange futures
N1  - Includes index; Includes bibliographical references: p. 207-208
N2  - This defines flexible exchange rate system as the exchange that
allows the market forces of supply and demand, free from government intervention, to determine rates. It is with this extreme form of flexibility that Dr. Einzig is most concerned. He asserts that supporters of a floating exchange rate system feel that exchange rates have a tendency to move to a position where imports and exports balance, and states that the primary
objective of his book is to "prove that the rate at which supply and demand balance in the foreign exchange market is almost inevitably quite different from the rate at which imports and exports would balance" (pp. viii-ix). The author points out that there are several types of transactions in the foreign exchange market (commercial, capital, speculative, and arbitrage) and that the expectation that capital, speculative, and arbitrage transactions "might happen to balance at the same figure as commercial transactions" is "so remote as to be virtually non-existent"
ER  -