tag:blogger.com,1999:blog-19649274.post8166359203364744870..comments2024-03-27T17:16:12.789+05:30Comments on The Leap Blog: Lessons from the Indian currency defence of 2013Ajay Shahhttp://www.blogger.com/profile/03835842741008200034noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-19649274.post-85846317904117656262015-06-28T18:46:47.848+05:302015-06-28T18:46:47.848+05:30This is a very tough Paper from the pen of a very ...<br />This is a very tough Paper from the pen of a very erudite Scholar so much so 'lesser mortals' like me would take several weeks to comprehend the substance of the variety of arguments let alone appreciate the applicability or the limitations of the same.<br /><br />As such, I wish to make only a general observation:<br /><br />I was lucky to be a M.B.A. student in the Katholic University of Leuven in 1979 and was in Europe from 1975 to 1985 so could observe the ramifications of the Floating Exchange Rate Regime ushered in from around 1973. The “Snake in the Tunnel” was adopted by Six European Countries to arrest wild gyrations of their Currencies (in my opinion with reasonable success) However, there was a run some times on the British Pound as also the US Dollar (both measured versus the then Deutsch Mark DM). I well remember the Bank of England making efforts to defend the Pound also aided by The Bundes Bank and the Federal Reserve. The well known magazine “ECONOMIST” was a staunch critic of such multilateral defence measures. However, it is fair to say the arguments of “ECONOMIST” were qualitative unlike the Quantitative Research results of the learned Author.<br /><br />My dumb enquiry is: How can we say how well some measures addressed the various parameters unless we compare “measures scenario” with “absolutely no measures scenario” (do nothing strategy!) <br />Poolla R.K. Murtihttps://www.blogger.com/profile/13268390079827011335noreply@blogger.com