Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. Monetary and Capital Markets Department, issuing body.
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| ISBN: | 128355559X
9781283555593
1451918615
9781451918618
9781451962000
1451962002
1462351719
9781462351718
1452788391
9781452788395
9786613868046
6613868043
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| Notes: | At head of title: Monetary and Capital Markets Department.
"January 2010."
Includes bibliographical references.
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2011.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2011 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | In this paper we first explain why most microstates (countries with less than 2 million inhabitants) have gained independence only in the last 30 years. Despite the higher costs and risks microstates face, their ability to better accommodate local preferences combined with a more integrated world economy probably explains why the benefits of independence have risen. We explain why microstates at independence have chosen either dollarization, currency board arrangements, or fixed exchange rates rather than more flexible forms of exchange rate systems. We then, using the Geweke-Hajvassiliou-Keane multivariate normal simulator, model empirically the determinants of each of the different fixed exchange rate regimes in microstates and analyze the policy implications.
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| Other form: | Print version: Imam, Patrick. Exchange rate choices of microstates. [Washington, D.C.] : International Monetary Fund, ©2010
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| Standard no.: | 10.5089/9781451918618.001
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