1. Essays in International Finance No. 15;J Williamson,1976
2. Milton Friedman, ‘The Case for Flexible Exchange Rates’, in idem, Essays in Positive Economics (Chicago: University of Chicago Press, 1953). James E. Meade, ‘The Case for Variable Exchange Rates’, Three Banks Review, Edinburgh, September 1955.
3. Essays in International Finance No. 126;PA Tosini,1977
4. This is, perhaps, the main point of this essay. The idea seems to have been neglected in the literature on the international monetary system. The only exceptions of which I am aware are Assar Lindbeck, ‘International Coordination of National Economic Policies’, in Samuel I. Katz (ed.), US-European Monetary Relations (Washington: American Enterprise Institute for Public Policy Research, 1979) and Joanne Salop and Erich Spitaller, ‘Why Does the Current Account Matter?’, International Monetary Fund Staff Papers, Washington, March 1980.