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")4334;ί*. F $ό+48 %ί0*" ό." ' 5ί* 045")5*."2ή %;έ2.*)' 5%"ώ0%".* %+9ώ3"* %;".ό2"*, ;342*$ώ0.*8 %234έ8 2%A*$*ί,0, %0ώ 5ί* 7'54)"4045"2ή %;έ2.*)' *?&ά0%".* %+9ώ3"* %;".ό2"*, ;342*$ώ0.*8 %")34έ8 2%A*$*ί,0. G?07?άC40.*8."8 7ύ4 ;4$"."2έ8, 5;43%ί 0* %;".%?9/%ί 4 )?07?*)5ό8 5%.*=4$ή8.4? %")47ή5*.48 2*".,0 %;".42ί,0 ;4? /* 47'+ή)%".ό)4 )% %),.%3"2ή ό)4 2*" )% %&,.%3"2ή ")4334;ί*. 6 *0ά$?)'.4? Mundell, ;*3ό." )'5*0."2ή, έ;*)9% *;ό.' =*)"2ή *7?0*5ί*.,0 2%J0)"*0ώ0?;47%"+5ά.,0.!%0?;ή39% )ύ07%)' 5%.*&ύ 34ώ0 2*" *;4/%5ά.,0.!%0 5;434ύ)% 0* /%,3'/%ί,8 "2*04;4"'."2ή, ή 2*" 5*23493ό0"* 7"*.'3ή)"5', 5ί* ;4$"."2ή ' 4;4ί* 7"*.'3ώ0.*8 540ί5,8?U'$ά.* %;".ό2"* /* 47'+4ύ)% )% 5%ί,)'.,0 %;%07ύ)%,0 2*" )% )?))ώ3%?)' %&,.%3"24ύ 93έ4?8. Iά;4"* )."+5ή, ' )?))ώ3%?)' %&,.%3"24ύ 93έ4?8 /* 7'5"4?3+4ύ)% 23ί)' %5;").4)ύ0'8 2*"?;4."5'."2έ8 ;"έ)%"8. Ό;,8 2*" 4 7"%/0ή8 2*0ό0*8 93?)4ύ, έ.)" 2*".4 )ύ).'5*.4? Bretton Woods 2*.έ33%?)% $ό+,.'8 *0ά+2'8.4? 2%0.3"24ύ ;?$ώ0*.4? )?).ή5*.48 (.,0 6NE ).' )?+2%23"5έ0' ;%3ί;.,)') 0* ;34)Aύ+%" )% 045")5*."2ή 93'5*.47ό.')' 7'54)"4045"2ώ0 %$$%"55ά.,0, 9*$*3ώ040.*8 έ.)".' )ύ07%)' 5%.40 93?)ό, 2*".,0 7?)24$"ώ0.,0?;4$4ί;,0 9,3ώ0 0* 7"*.'3ή)4?0 ).*/%3έ8."8 )?0*$$*+5*."2έ8 ")4."5ί%8. K4 )ύ).'5*.,0 ).*/%3ώ0 ")4."5"ώ0 *;4).*/%34;4"ή/'2%, 2*".4 1973 ' ;*+2ό)5"* 4"24045ί* 47'+ή/'2% ).4 )ύ).'5*.,0 2?5*"045έ0,0 ")4."5"ώ0. K4 2%0.3"2ό %;"9%ί3'5*.,0?;4).'3"2.ώ0.,0 2?5*"045έ0,0 ")4."5"ώ0 ή.*0 ό." /* 47'+4ύ)*0 *?.ό5*.* )% %&,.%3"2ή ")4334;ί*, 2*" έ.)" ' 045")5*."2ή ;4$"."2ή 2ά/% 9ώ3*8 /* 5;434ύ)% 0* 93')"54;4"'/%ί +"*.'0 %;ί.%?&' %),.%3"2ή8 ")4334;ί*8. 6 *0ά$?)' *?.ή?;έ3.,0 2?5*"045έ0,0 ")4."5"ώ0?;ή39% ή7' *;ό.' 7%2*%.ί*.4? 1950, )% έ0* )'5*0."2ό ά3/34.4? Friedman (1953), 2*" ).*.έ$'.'8 7%2*%.ί*8.4? 1960 %;*0ή$/% ;34)*354)5έ0' *;ό.40 Johnson (1969). 1%.'0?"4/έ.')'.,0 2?5*"045έ0,0 ")4."5"ώ0, ' έ5a*)' ).' 7"%/0ή 5*2344"24045"2ή 5%.*2"0ή/'2% ).4 *0 4" 5'9*0")54ί.'8 *+43ά8 /* 47'+4ύ)*0 *?.ό5*.* )% %&,.%3"2ή ")4334;ί*. 1"* ;34)έ++")' ή.*0 ' 045")5*."2ή ;34)%++ί)' ).4 ")4Cύ+"4 ;$'3,5ώ0 (=$. Frenkel and Johnson 1976, Dornbusch 1976) 2*" 5ί* 7%ύ.%3' ;34)έ++")' ή.*0 %?3ύ.%3' 2*" =*)"Cό.*0 )%?;47%ί+5*.* ")4334;ί*8 9*3.4A?$*2ί4? (=$. Obstfeld and Stockman 1985). F 5'9*0")5ό8 7?0*5"2ή8 ;34)*354+ή8.4? ")4C?+ί4? ;$'3,5ώ0 ).*?;47%ί+5*.* 9*3.4A?$*2ί4? ;?3474.%ί.*" *;ό.4 )?04$"2ό ;$4ύ.4, 4 4;4ί48 ;%3"$*5=ά0%" ό9" 5ό04 045")5*."2ά 7"*/έ)"5* *$$ά 2*" 7"%/0ή ).4"9%ί* %0%3+'."24ύ 2*" %07%945έ0,8 A?)"2ό 2*" *0/3ώ;"04 2%Aά$*"4. Kό)4.* 045")5*."2ά ό)4 2*".*?;47%ί+5*.* 9*3.4A?$*2ί4?.'8 7%2*%.ί*8.4? 1970 =*)ίc40.*0 )% 43/4$4+"2έ8 ;34)742ί%8, %0),5*.ώ040.*8 5ί* *;ό."8 2?3"ό.%3%8 %&%$ί&%"8 ).' %?3ύ.%3' 5*2344"24045"2ή. W?)"2ή %&έ$"&' *?.ώ0.,0?;47%"+5ά.,0, 2*".'8?;ό/%)'8.,0 43/4$4+"2ώ0 ;34)742"ώ0, ή.*0 ' 7"*9340"2ή *0ά$?)'.'8 %&,.%3"2ή8 ")4334;ί*8 (=$. Obstfeld and Rogoff 1996). E?.ή =*)ίc%.*" ).'0?;ό/%)' ό.".* 04"242?3"ά 2*" 4" %;"9%"3ή)%"8 5%+").4;4"4ύ0.' 7"*9340"2ή.4?8 93')"5ό.'.* (=$. Ramsey 1928, Fisher 1930). 12

6 7"*9340"2ή ;34)έ++")' &%2"0ά ;34)7"43ίC40.*8."8.%904$4+"2έ8 2*" *+43*ί%8 7?0*.ό.'.%8 5"*8 4"24045ί*8 0* %;"$έ+%".' 7"*9340"2ή 2*.*045ή.'8 2*.*0ά$,)'8. E?.έ8 4" 7?0*.ό.'.%8 ;%3"+3άA40.*" *;ό.4 7"*9340"2ό %")47'5*."2ό ;%3"43")5ό, ;4? ;%3"+3άA%".4?8 ό34?8 2ά., *;ό.4?8 4;4ί4?8 ' 4"24045ί* 5;43%ί 0* 7*0%ίC%" 2*" 0* 7*0%ίC%.*" 7"%/0ώ8, 2*/ώ8 2*".'0 %+9ώ3"* %;%07?."2ή.%904$4+ί*. [%9,3").ή *0ά$?)'.,0 %")47'5*."2ώ0 ;%3"43")5ώ0.4? 7'5ό)"4? 2*" "7",."24ύ.45έ* A,.ίC%".' )9έ)' 5%.*&ύ 7'54)ί,0 4"24045"2ώ0 2*" %&,.%3"2ή8 ")4334;ί*8. 6 ;34)έ++")' *?.ή %ί0*" )ή5%3* ' 2?3ί*39' ;34)έ++")' ).' 7"%/0ή 5*2344"24045"2ή 2*" 93')"54;4"%ί.*" %?3έ,8 +"*.'0 *0ά$?)'.'8 %&,.%3"2ή8 ")4334;ί*8,.,0 7"%/0ώ0 *0")4334;"ώ0,.4? )?0.40")54ύ.,0 ;4$"."2ώ0,.4? %&,.%3"24ύ 93έ4?8 2*".'8 $%".4?3+ί*8.,0 7"%/0ώ0 2%A*$*"*+43ώ0. 13

Z"=$"4+3*Aί* Dornbusch, R. (1976), Expectations and Exchange Rate Dynamics, Journal of Political Economy, 84 (6), pp. 1161-1176. Fisher I. (1930), The Theory of Interest, New York, Macmillan. Frenkel J.A. and H.G. Johnson (eds.) (1976), The Monetary Approach to the Balance of Payments, London, Allen and Unwin. Friedman M. (1953), The Case for Flexible Exchange Rates, in his Essays in Positive Economics, Chicago, University of Chicago Press. Hume D. (1752), On the Balance of Trade, in his Essays, Moral, Political and Literary, London, Longmann Green. Johnson H. G. (1969), The Case for Flexible Exchange Rates, Federal Reserve Bank of St Louis Monthly Review, 51 (6), pp. 12-24. Keynes J.M. (1936), The General Theory of Employment, Interest and Money, London, Macmillan. Klein M.W. and J.C. Shambaugh, Exchange Rate Regimes in the Modern Era, Cambridge Mass., MIT Press. Meade J. (1951), The Balance of Payments, London, Oxford University Press. Metzler L.A. (1948), The Theory of International Trade, in H.S. Ellis (ed), A Survey of Contemporary Economics, Philadelphia, Blakiston. Mundel R.A. (1961), The International Disequilibrium System, Kyklos, 14 (2), 153-72. Mundell R. A. (1963), Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates, Canadian Journal of Economics, 29 (4), pp. 475-485. Nurkse R. (1944), International Currency Experience, Geneva, League of Nations. Obstfeld M. and A.C. Stockman (1985), Exchange Rate Dynamics, in Jones R.W. and P.B. Kenen (eds), Handbook of International Macroeconomics, Amsterdam, North Holland. Obstfeld M. and K. Rogoff (1996), Foundations of International Macroeconomics, Cambridge Mass., MIT Press. Ramsey F. P. (1928), A Mathematical Theory of Saving, The Economic Journal, 38 (152), pp. 543-559. Triffin R. (1960), Gold and the Dollar Crisis, New Haven, Yale University Press. 14

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