Milton Friedman and Exchange Rates
History and Controversies
Bibliographic Data
| ID | 4298449 |
|---|---|
| Authors | Shane Edwards (0000-0002-3249-9702, National Bureau of Economic Research, corresponding author), Sebastián Edwards (Anderson Graduate School of Management, UCLA, and the National Bureau of Economic Research ([email protected])) |
| Year | 2023 |
| Volume | 55 |
| Issue | 5 |
| Pages | 831-867 |
| Publication date | 2023-10-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | History of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0018-2702 • E-ISSN: 1527-1919 |
| Publisher | Duke University Press (PUBLISHER • US) |
| DOI | 10.1215/00182702-10772930 |
| OpenAlex | W4380083957 |
| Language | EN |
| Citations received | 3 |
| References cited | 27 |
This article investigates how Milton Friedman's views on exchange rates in emerging nations evolved through time. Early on he supported flexible exchange rates for most less developed countries. He endorsed several forms of flexibility, including auctions and the "crawling peg." Starting in the early 1970s, he favored a system characterized by fixed rates and no central banks. From that point on he argued that while flexible rates were the preferred option for advanced nations, they were the second-best solution for (most) developing countries. This article helps elucidate Friedman's views on the use of pegged exchange rates during stabilization programs (Chile and Israel) and on exchange rates in socialist countries (China and Yugoslavia
China · Developing country · Economic growth · Economics · Exchange rate · Exchange-rate flexibility · Exchange-rate regime · Fixed exchange rates · Flexibility (engineering · Keynesian economics · Management · Monetary economics · Political science · Economic Theory and Institutions · Economic Theory and Policy · Global Financial Crisis and Policies · Law
Essays in positive economics
Milton Friedman in Chile
Money and Economic Development
The History of the Phillips Curve
Monetary Policy for a Competitive Society
The Dog That Did Not Bark
The Midway and Beyond
The Brazilian Connection in Milton Friedman's 1967 Presidential Address and 1976 Nobel Lecture
On Latin American Populism, and Its Echoes around the World
Distinguished Lecture on Economics in Government-Exchange Rate Regimes
Monetarism and Liberalization
Foundations of India's Political Economy
International Economic Relations
| Unique citing works | 3 |
|---|---|
| Citations per year | 3 |
| Citation span | 2025 - 2026 (2) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 3 |