Kicking the Habit: Moving from Pegged Rates to Greater Exchange Rate Flexibility
AbstractWhy do governments find it so difficult to move from pegged exchange rates to greater exchange rate flexibility? The author first establishes that there is a problem to be solved: that there are powerful incentives for greater flexibility deriving from changes in the international economic and financial environment but that policymakers find it difficult to engineer a smooth transition. He offers practical suggestions and a framework under which the probability of a smooth transition can be maximized. Drawing examples from recent economic history, the author then attempts to understand the experience of selected countries that have undertaken this transition.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Royal Economic Society in its journal The Economic Journal.
Volume (Year): 109 (1999)
Issue (Month): 454 (March)
Contact details of provider:
Postal: Office of the Secretary-General, School of Economics and Finance, University of St. Andrews, St. Andrews, Fife, KY16 9AL, UK
Phone: +44 1334 462479
Web page: http://www.res.org.uk/
More information through EDIRC
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Hua Cheng, 2005. "« Currency Board » versus change géré ? Un bilan des stratégies de Hong Kong et de Singapour," Revue d'Économie Financière, Programme National Persée, vol. 81(4), pages 271-289.
- Reuven Glick & Michael Hutchison, 2008.
"Navigating the Trilemma: Capital Flows and Monetary Policy in China,"
252008, Hong Kong Institute for Monetary Research.
- Glick, Reuven & Hutchison, Michael, 2009. "Navigating the trilemma: Capital flows and monetary policy in China," Journal of Asian Economics, Elsevier, vol. 20(3), pages 205-224, May.
- Reuven Glick & Michael Hutchison, 2008. "Navigating the trilemma: capital flows and monetary policy in China," Working Paper Series 2008-32, Federal Reserve Bank of San Francisco.
- Joshua Aizenman & Reuven Glick, 2009.
"Sterilization, Monetary Policy, and Global Financial Integration,"
Review of International Economics,
Wiley Blackwell, vol. 17(4), pages 777-801, 09.
- Joshua Aizenman & Reuven Glick, 2008. "Sterilization, Monetary Policy, and Global Financial Integration," NBER Working Papers 13902, National Bureau of Economic Research, Inc.
- Joshua Aizenman & Reuven Glick, 2008. "Sterilization, monetary policy, and global financial integration," Working Paper Series 2008-15, Federal Reserve Bank of San Francisco.
- Joshua Aizenman, 2008.
"Large Hoarding Of International Reserves And The Emerging Global Economic Architecture,"
University of Manchester, vol. 76(5), pages 487-503, 09.
- Joshua Aizenman, 2007. "Large Hoarding of International Reserves and the Emerging Global Economic Architecture," NBER Working Papers 13277, National Bureau of Economic Research, Inc.
- Aizenman, Joshua & Glick, Reuven, 2005. "Pegged Exchange Rate Regimes â€“ A Trap?," Santa Cruz Department of Economics, Working Paper Series qt92n6v1rm, Department of Economics, UC Santa Cruz.
- Vittorio Corbo, 2000.
"Monetary Policy in Latin America in the 90s,"
Working Papers Central Bank of Chile
78, Central Bank of Chile.
- Vittorio Corbo, 2002. "Monetary Policy in Latin America in the 90s," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.), Monetary Policy: Rules and Transmission Mechanisms, edition 1, volume 4, chapter 6, pages 117-166 Central Bank of Chile.
- Ramkishen S. Rajan & Rahul Sen & Reza Y. Siregar, 2002.
"Hong Kong, Singapore and the East Asian Crisis: How Important were Trade Spillovers?,"
The World Economy,
Wiley Blackwell, vol. 25(4), pages 503-537, 04.
- Ramkishen Rajan & Rahul Sen & Reza Y. Siregar, 2002. "Hong Kong, Singapore and the East Asian Crisis: How Important were Trade Spillovers?," Working Papers 142002, Hong Kong Institute for Monetary Research.
- Michael Frömmel, 2010.
"Volatility Regimes in Central and Eastern European Countries’ Exchange Rates,"
Czech Journal of Economics and Finance (Finance a uver),
Charles University Prague, Faculty of Social Sciences, vol. 60(1), pages 2-21, February.
- Frömmel, Michael, 2006. "Volatility Regimes in Central and Eastern European Countries' Exchange Rates," Hannover Economic Papers (HEP) dp-333, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
- M. Frömmel, 2007. "Volatility Regimes in Central and Eastern European Countries’ Exchange Rates," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 07/487, Ghent University, Faculty of Economics and Business Administration.
- Joshua Aizenman & Reuven Glick, 2005.
"Pegged exchange rate regimes -- a trap?,"
Working Paper Series
2006-07, Federal Reserve Bank of San Francisco.
- Ghosh, Saibal, 2001. "Financial Stability and Public Policy: An Overview," MPRA Paper 19757, University Library of Munich, Germany.
- Kawai, Masahiro & Takagi, Shinji, 2000. "Proposed strategy for a regional exchange rate arrangement in post-crisis East Asia," Policy Research Working Paper Series 2503, The World Bank.
- Már Guðmundsson & Thórarinn G. Pétursson & Arnór Sighvatsson, 2000. "Optimal Exchange Rate Policy: The Case of Iceland," Economics wp08, Department of Economics, Central bank of Iceland.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.