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Erschienen in:
1987 | OriginalPaper | Buchkapitel
Exchange Rates and Exchange Controls
verfasst von : Roy Hattersley
Erschienen in: Economic Priorities for a Labour Government
Verlag: Palgrave Macmillan UK
Enthalten in: Professional Book Archive
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A currency crisis, which would normally and inevitably follow as balance of payments difficulties loom was only held back in early 1987 by a combination of the highest real interest rates in our history (and in the developed world) and a number of fortuitious circumstances that cannot last — an OPEC price increase, chaos inside the EMS and dollar weakness. Nevertheless sterling still fell to its lowest ever level against the Deutschmark.