3. See most recently John W. Crow, "Floating Exchange Rates Here to Stay," C.D. Howe Policy Commentary, No. 70 (Toronto: C.D. Howe Institute, April 1995), and Horst Schulman, "Comment," in Peter Kenen (ed.), Managing the World Economy: Fifty Years After Bretton Woods (Washington, D.C.: Institute for international Economics, September 1994), pp. 386-94.

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