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30 December Digest of "Flexible Exchange Rates, 1973-1980: How Bad Have They Really Been?" (Richard Cooper, 1981)By affecting the demand for foreign currency, current account imbalances could influence exchange rates directly, or as noted above, they could affect expertations about future exchange rates and hence, through attemped adjustments in portfolios, could affect today's exchange rates.
To sum up, exchange change rate during this period of floating have not been "unstable" over time, and indeed, the movements have been fully explicable in terms of correction for inflation differentials combined with a corrective respone to current account imbalances.
The monetary authorities should strive to limit radical and unjustified movements in exchange rates, which means that they will sometimes have to take large, open positions in foreign currencies. Their interventions can and should be reversed later, so as to allow exchange rates to move over time in response to market pressures. 11 April Digest of <The World is Flat>Several weeks ago,my cousin brought me this book--<The world is flat>.It's meanly about one of the most profound issues--globalization. Cause it's an English editon, i didn't think i could dig into it. But after reading several pages, i found myself immersed into it. I really admired the arthur of the book, the three-time Pulitzer Prize winner,Thomas.L.Friedman,for his elegant words,vivid demonstrations,and genius thoughts. The arthur used the word "flat" to describe the world we live in, in which people are more relative to other through emerging technology, have more changes to coordinate with others, and get the work done together with people from a remote place. He also illustrated the elements that "flatten" and against the "flatten" of the world,such as 89/11/9,when the Berlin Wall was down,and contrary, 2001/9/11,when the World Trade Centre was striked by the hijacked plane. He commented in the last chapter "conclusion:imagination" that,"One of the most dangerous things that has happened to America since 9/11, under Bush administration,is that we have gone from exporting hope to exporting fear." And at the end of the book, the arthur expressed his hope,"...The world is being flattened.I didn't start it and you can't stop it, except at a great cost to human development and your own future. But we can tilt it, and shape it, for better or for worse...You can flourish in this flat world, but it does take the right imagination and the right motivation. While your lives have been powerfully shaped by 9/11, the world needs you to be forever the generation of 11/9--the generation of strategic optimists, the generation with more dreams than memories, the generation that wakes up each morning and not only imagines that things can be better but also acts on that imnagination every day." When I was writing, there're many people in the world are "exporting" fears. Such as the fighting between American Army and Islamic ultras in Iraq, the "Holy War" between Isreal and Palestine... But I think more people are exporting hope rather than fear at the same time so we can together flatten the world. I'm strongly recommend this book as it will give you a special perspective of probing our world. |
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