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732:
1570:
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1114:
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1071:
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810:
1620:
1526:
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1350:
1257:
1164:
1630:
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365:
2001:
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1640:
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1453:
1277:
1184:
1021:
758:
1041:
894:
836:
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1320:
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1134:
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771:
920:
784:
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1310:
1217:
1124:
2011:
1600:
1506:
1413:
1330:
1237:
1144:
1610:
1516:
1423:
1340:
1247:
1154:
356:
because of its leading economic position in Europe, would reduce public spending, cut taxes for individuals and corporations, and keep interest rates low. The United States would reduce its fiscal 1988 deficit to 2.3% of GDP from an estimated 3.9% in 1987, reduce government spending by 1% in 1988 and keep interest rates low.
447:
The US dollar continued to weaken in 1987 against the
Deutsche Mark and other major currencies, reaching a low of 1.57 marks per dollar and 121 yen per dollar in early 1988. The dollar then strengthened over the next 18 months, reaching over 2.04 marks per dollar and 160 yen per dollar, in tandem
355:
France agreed to reduce its budget deficits by 1% of GDP and cut taxes by the same amount for corporations and individuals. Japan would reduce its trade surplus and cut interest rates. The United
Kingdom would reduce public expenditures and reduce taxes. Germany, the real object of this agreement
341:
After the Plaza Accord, the dollar depreciated, reaching an exchange rate of ÂĄ150 per US$ 1 in 1987. By this time, the nominal dollar exchange rate against other currencies had fallen more than 25%. The ministers of the G7 nations gathered at the French finance ministry, then located inside the
281:. It was considered, from a relational international contract viewpoint, as a rational compromise solution between two ideal-type extremes of international monetary regimes: the perfectly flexible and the perfectly fixed exchange rates.
337:
attempted to address the imbalance by encouraging its trade partners to stimulate their economies so they can purchase more from it. He maintained that if these partners did not grow, he would allow the dollar's continued depreciation.
332:
Minister of
Finance meeting held in New York in 1985. The United States had a trade deficit while Japan and a few European countries were experiencing a trade surplus along with negative GDP growth. The then U.S. Treasury Secretary
346:
in Paris, to minimize this decline and stabilize it around the prevailing levels. The Louvre Accord may have helped prevent a recession because it stopped the US dollar from decreasing further in relation to other currencies.
1183:
320:
The Plaza Accord is recognized as the precursor to the Louvre Accord and this deal was struck to depreciate the US dollar for the purpose of exchange rate realignment with the
Japanese
1452:
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Conquering the Fear of
Freedom: Japanese Exchange Rate Policy Since 1945
364:
645:
1074:
1965:
121:
477:"Statement of the G6 Finance Ministers and Central Bank Governors"
763:
580:
The
Princeton Encyclopedia of the World Economy. (Two Volume Set)
263:
Statement of the G6 Finance
Ministers and Central Bank Governors
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289:
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504:
Money, Trade, and
Competition: Essays in Memory of Egon Sohmen
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309:
297:
266:
554:"The Plaza Accord: The World Intervenes In Currency Markets"
1986:
405:
582:. Princeton, NJ: Princeton University Press. p. 746.
452:
raising interest rates aggressively, from 6.50% to 9.75%.
1981:
383:
321:
329:
265:) was an agreement, signed on February 22, 1987, in
628:. University of Chicago Press. pp. 306–309.
2027:
531:. Oxford: Oxford University Press. p. 157.
312:was invited to sign the agreement but declined.
661:
238:
577:
578:Reinert, Kenneth; Rajan, Ramkishen (2009).
471:
469:
467:
465:
668:
654:
245:
231:
621:
603:Niskanen, William A. (27 October 1987).
602:
462:
363:
269:, that aimed to stabilize international
675:
506:. Berlin: Springer-Verlag. p. 60.
501:
2041:Financial history of the United States
2028:
526:
273:and halt the continued decline of the
649:
625:American Economic Policy in the 1980s
2010:
573:
571:
569:
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622:Feldstein, Martin (December 2007).
328:, which was agreed upon during the
13:
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483:. University of Toronto Library
481:University of Toronto G8 Centre
106:Retail foreign exchange trading
2051:History of international trade
615:
605:"A Lower Dollar vs. Recession"
596:
545:
520:
495:
1:
455:
350:
315:
284:The agreement was signed by
16:1987 international agreement
7:
372: US Dollar Index (DXY)
10:
2077:
1995:
1974:
1948:
1940:Climate Change Roundtable
1912:
1656:
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1465:
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1103:
1000:
993:
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879:
855:
824:
720:
713:
683:
502:Giersch, Herbert (2012).
359:
277:after 1985 following the
50:Exchange-rate flexibility
168:Bretton Woods Conference
2036:Foreign exchange market
527:Takagi, Shinji (2015).
152:Foreign exchange option
137:Non-deliverable forward
96:Foreign exchange market
444:
214:Foreign exchange fraud
65:Floating exchange rate
367:
219:Currency intervention
173:Smithsonian Agreement
160:Historical agreements
142:Foreign exchange swap
1925:Heiligendamm Process
75:Managed float regime
70:Linked exchange rate
45:Exchange rate regime
1935:Gleneagles Dialogue
994:Current politicians
677:Group of Seven (G7)
60:Fixed exchange rate
1930:Muskoka Initiative
1584:Villeroy de Galhau
1467:Interior ministers
609:The New York Times
445:
310:Italian government
80:Dual exchange rate
2023:
2022:
1652:
1651:
1374:Justice ministers
1291:Defence ministers
1198:Finance ministers
1105:Foreign ministers
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199:Bureau de change
132:Currency forward
101:Futures exchange
22:Foreign exchange
19:
18:
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2056:Monetary policy
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450:Federal Reserve
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412:) exchange rate
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261:(formally, the
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127:Currency future
17:
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2061:1987 in France
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27:Exchange rates
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1920:Louvre Accord
1918:
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