r 1983
DOI: 10.20955/r.65.5-15.nhd
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Abstract: ORE than a decade has passed since the demise of the Bretton Woods system of fixed exchange rates. 1 Because ofits demonstrated inability to provide for the institutional adjustment of exchange rates necessary to incorporate change, there is general agreement that the Bretton Woods system, under which world trade was organized from 1945 to 1971, could not have been maintained. 2 Moreover, the viability of the system of floating exchange rates is buttressed by both a massive

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