Evolution and Performance of Exchange Rate Regimes.
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Author / Creator: | Husain, Aasim M, Author. |
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Imprint: | [Place of publication not identified] International Monetary Fund 2003 |
Description: | 1 online resource |
Language: | English |
Subject: | |
Format: | E-Resource Book |
URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12509569 |
Other authors / contributors: | Oomes, Nienke, Contributor. Mody, Ashoka, Contributor. |
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ISBN: | 1462339565 9781462339563 1452756082 9781452756080 1283568209 9781283568203 145192044X 9781451920444 9786613880659 6613880655 |
Notes: | English. |
Summary: | Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility. |
Other form: | 1-4518-7584-3 |
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