Evolution and Performance of Exchange Rate Regimes

Released on by Mr.Kenneth Rogoff
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  • Evolution and Performance of Exchange Rate Regimes Book Detail

  • Author : Mr.Kenneth Rogoff
  • Release Date : 2003-12-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 85
  • ISBN 13 : 1451875843
  • File Size : 40,40 MB
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Evolution and Performance of Exchange Rate Regimes by Mr.Kenneth Rogoff PDF Summary

Book Description: 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.

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Exchange Rate Regimes

Exchange Rate Regimes

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An empirical study of exchange rate regimes based on data compiled from 150 member countries of the International Monetary Fund over the past thirty years. Few