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This paper highlights that after several years of rapid expansion that brought many countries to historically high levels of resource utilization, the growth of the world economy is projected to slow to about 2 percent in 1990 from 3 percent in 1989. The global slowdown would reflect a moderation of growth in both industrial and developing countries and a contraction of output in Eastern Europe and in the Union of Soviet Socialist Republics. In 1991, the expansion in world output is expected to pick up to 2½ percent, reflecting stronger growth in developing countries.

Banks and Banking --- Exports and Imports --- Inflation --- Macroeconomics --- Public Finance --- Foreign Exchange --- Trade: General --- Current Account Adjustment --- Short-term Capital Movements --- Price Level --- Deflation --- International Lending and Debt Problems --- Trade Policy --- International Trade Organizations --- Empirical Studies of Trade --- International economics --- Currency --- Foreign exchange --- Banking --- Public finance & taxation --- Budgeting & financial management --- Exports --- Current account balance --- Trade balance --- Fiscal policy --- International trade --- Prices --- Balance of payments --- Imports --- Balance of trade --- Germany

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This paper discusses various developments and perspectives of the European Monetary System (EMS). There have been three phases in the development of the EMS: from its beginning in March 1979 to March 1983, can be seen as a phase of trial and orientation; from March 1983 to 1987, can be described as one of consolidation; and The Basle/Nyborg agreement marked the end of the consolidation phase, characterized by the striving for stability, the emergence of the deutsche mark as the anchor currency, and the predominance of intramarginal intervention in partner currencies. EMS has allowed simultaneous progress toward external and internal stability. The EMS Agreement provided for fluctuation margins offering some flexibility and for the possibility of central rate changes, which could compensate for diverging monetary policies. As divergences were narrowed, central rate adjustments could be small so as not to affect market rates; thus minimizing the potential for destabilizing capital flows.

Money --- Monetary policy --- Banks and Banking --- Exports and Imports --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Finance: General --- Labor --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Aspects of Economic Integration --- International Investment --- Long-term Capital Movements --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- Wages, Compensation, and Labor Costs: General --- Currency --- Foreign exchange --- International economics --- Monetary economics --- Banking --- Finance --- Macroeconomics --- Labour --- income economics --- Currencies --- Exchange rates --- Monetary unions --- Capital flows --- Economic integration --- Balance of payments --- Exchange rate adjustments --- Exchange rate stability --- Capital movements --- Banks and banking --- International economic integration --- Labor costs --- Germany

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This collection of papers, edited by Victor Argy and Paul De Grauwe, examines issues surrounding the choice of exchange rate regime in smaller industrial countries. It contains a comprehensive summary by Jacques J. Polak.

Foreign exchange. --- Foreign exchange administration. --- Foreign exchange --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- Foreign exchange administration --- 333.450 --- 333.825 --- AA / International- internationaal --- NBB congres --- Papers of a conference held in Brussels in October 1989 --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit --- Deviezenpolitiek. Interventies --- Conferences - Meetings --- 339.74 --- 332.456 --- Academic collection --- Fc2.3.e --- 339.74 Monetaire buitenlandse politiek. Deviezenpolitiek --- Monetaire buitenlandse politiek. Deviezenpolitiek --- 334.151.27 --- Europees monetair stelsel --- 333.425 --- BE / Belgium - België - Belgique --- DK / Denmark - Denemarken - Danemark --- NL / Netherlands - Nederland - Pays Bas --- Metalen geld --- Change --- Administration --- Exports and Imports --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Public Finance --- Labor --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Price Level --- Deflation --- Fiscal Policy --- International Investment --- Long-term Capital Movements --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Currency --- Macroeconomics --- International economics --- Monetary economics --- Labour --- income economics --- Exchange rates --- Real exchange rates --- Exchange rate arrangements --- Exchange rate policy --- Prices --- Fiscal policy --- Money --- Capital movements --- Economic policy --- nternational cooperation --- Wages --- New Zealand