Abstract
During the 1960's, rapid movements of large amounts of liquid financial capital increasinly frustrated attempts by the authorities in individual countries to conduct monetary policies that deverged to any great extent from those being followed in the world at large. The unwillingness of monetary authorities to reconcile themselves to limited opportunities for pursuing domestic objectives within the constraints imposed by the par value system led to the breakdown of the system and its replacement by a system of manged floating. It is important to identify the features of the monetary policy-making environment which contributed to these developments.
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