In this semiannual update of their estimates of fundamental equilibrium exchange rates (FEERs), William R. Cline and John Williamson again find that the overvaluation of the dollar and undervaluation of the Chinese renminbi have become much more modest than in previous years, as their current...

This paper contains the text of a series of public lectures given by Professor Williamson at the LSE on February 24 and 25 1992. Professor Williamson is the first holder of the British Petroleum Professorship, awarded annually to a visiting academic of the highest standing. The lecture covers...

Discussions about international capital movements raise extremely important and controversial questions. Why should countries open up their capital accounts, especially considering that unrestricted international capital movement is a relatively new phenomenon?For example, many OECD countries...

Discussions about international capital movements raise extremely important and controversial questions. Why should countries open up their capital accounts, especially considering that unrestricted international capital movement is a relatively new phenomenon?For example, many OECD countries...