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• W2261686136 abstract "The international monetary power of leading states may be limited by countervailing policies of follower states. At least at the core of the contemporary system and in the macroeconomic arena, follower states appear able to construct and maintain effective political buffers. Their principal objective is not to wield external influence, but to maximize their political autonomy, their room for manoeuvre. They seek to benefit as much as possible from their access to the markets of leading states, but they also seek ways to buffer the impact of those markets on their own. Exchange rate policies comprise key buffers, and, despite confronting similar external circumstances, diverse approaches continue to be pursued by follower states. Some insist on rigidly anchoring their currencies to powerful neighbours, while others prefer to let their exchange rates float. To examine the reasons for this diversity in similarly situated follower states, brief case histories of post-1945 exchange-rate policymaking in Canada and Austria are presented and compared. Longstanding distinctions in the management of internal markets are found to match central tendencies in external monetary policies." @default.
• W2261686136 created "2016-06-24" @default.
• W2261686136 creator A5059640973 @default.
• W2261686136 date "2005-01-01" @default.
• W2261686136 modified "2023-09-23" @default.
• W2261686136 title "Monetary Power and Political Autonomy: Exchange Rate Policymaking in Follower States" @default.
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• W2261686136 hasPublicationYear "2005" @default.
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