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By Grahame Walshe (auth.)

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In what follows, we shall assume that the two versions are congruent. In general, technical efficiency is difficult to assess in that we do not know how the extreme case would function. S. 1862-79, Peru 1950-4) or instability in the system could properly be blamed on monetary instability in the domestic economy. S. cents, showing remarkable stability for long periods. Inevitably one is confined to theoretical speculation. For example, the system would be technically deficient if workers bargained for real as opposed to money wages: 'If the exchange rate falls and 31 workers demand compensation and get it, the changes will cancel out and the rounds will be repeated' (Mundell [38] p.

Current account deficit and capital account surplus. ) in the centre countries were parallel· and price movements were parallel, not divergent, so that adjustment success depended upon ex ante avoidance of disparities from trend rather than ex post corrective action. ) (j) Finally, an important empirical point: it was often claimed that the GS gave long-run price stability for 1850-1913, the heyday of the system. , France, Germany, Italy) show roughly 100 at the two dates 1850 and 1913. However, the 100 of 1850 is close to the trough of a depression and the 100 of 1913 was near the zenith ofa fifteen-year upward trend: overall, it seems, there was a downward trend in these indices (Triffin [49]).

Yeager [51, 52] has mentioned it, but in 1969 McKinnon [30] gave it a reasonably full exposition. S. S. payments deficits, must be countered. S. deficit. In recent years the net deficit has been the outcome of a current account surplus and a capital account deficit. However, 'below the line' with compensatory reserve movements financing this deficit 'above the line', short-term private capital inflows appear. The minority view is that these inflows are not compensatory but autonomous. S. deficit requiring finance.

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