ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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TOKYO-Unrest without Revolution

position against such a switch-over. (Sheer instinct of self-preservation would suggest this course to the Fund. Once the floating exchange rates are adopted, the Fund has no role to play, although it has been conclusively demonstrated in recent years that, even under the present system, most important decisions have to be taken outside the Fund's framework.) The central bankers might obstinately hold on to the view that currency swaps, coupled with adjustments in fixed exchange rates and domestic economic policies as are politically feasible, would enable them to ride any storm

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