The Plaza Accord, 30 years later

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dc.contributor.authorFrankel, Jeffrey
dc.contributor.orgJames A. Baker III Institute for Public Policy
dc.date.accessioned2016-10-17T18:23:58Z
dc.date.available2016-10-17T18:23:58Z
dc.descriptionThis working paper is one of a series submitted for the Oct. 1, 2015, Baker Institute event "Currency Policy Then and Now: 30th Anniversary of the Plaza Accord."
dc.description.abstractThis paper reviews an event of 30 years ago from the perspective of today: a successful G-5 initiative to reverse what had been a dangerously overvalued dollar. The “Plaza Accord” is best viewed not as the precise product of the meeting on September 22, 1985, but as shorthand for a historic change in US policy that began when James Baker became Treasury Secretary in January of that year. The change had the desired effect, bringing down the dollar and reducing the trade deficit. In recent years concerted foreign exchange intervention, of the sort undertaken by the G-7 in 1985 and periodically over the subsequent decade, has died out. Indeed the G-7 in 2013, fearing “currency manipulation,” specifically agreed to refrain from intervention in a sort of “anti-Plaza accord.” But the day will come when coordinated foreign exchange intervention is again appropriate.
dc.identifier.citationFrankel, Jeffrey. "The Plaza Accord, 30 years later." (2015) James A. Baker III Institute for Public Policy: <a href="http://www.bakerinstitute.org/research/plaza-accord-30-years-later/">http://www.bakerinstitute.org/research/plaza-accord-30-years-later/</a>.
dc.identifier.urihttps://hdl.handle.net/1911/91921
dc.publisherJames A. Baker III Institute for Public Policy
dc.relation.urihttp://www.bakerinstitute.org/research/plaza-accord-30-years-later/
dc.subjectaccord
dc.subjectagreement
dc.subjectcurrency
dc.subjectdepreciation
dc.subjectdollar
dc.subjectexchange rate
dc.subjectintervention
dc.subjectplaza
dc.titleThe Plaza Accord, 30 years later
dc.typeWorking paper
dc.type.dcmiText
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