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Friedrichs, Dieter
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[Journal:] Intereconomics [ISSN:] 0020-5346 [Publisher:] Verlag Weltarchiv [Place:] Hamburg [Volume:] 02 [Year:] 1967 [Issue:] 11 [Pages:] 303-307
The system of multiple exchange rates thus has serious disadvantages, which become even graver in some developing countries where there is a combination of several unfavourable factors. Such factors are: Inflation, insufficient savings, irrational behaviour on the part of private economic subjects as well as the state, intense speculative activity, ponderous officialdom and the like. Where such conditions obtain multiple exchange rates are therefore not to be recommended and should where they exist gradually be discontinued. The present analysis has shown that differentiated exchange rates offer no such overwhelming advantages over other means of influencing foreign trade as to make them recommendable.
Development Policy
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