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Evolution of Exchange Rate Regimes

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  • Robert P. Flood

    (International Monetary Fund)

  • Jagdeep S. Bhandari

    (International Monetary Fund)

  • Jocelyn P. Horne

    (International Monetary Fund)

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    Abstract

    Issues relating to the evolution of exchange rate regimes are examined. Empirical regularities concerning the variation over time of real and monetary disturbances and cross-country inflation differentials are first discussed. The paper then develops a model that incorporates these regularities and thereby enables exchange rate regime changes to be viewed as optimal and predictable responses by policymakers to a changing economic environment.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

    Volume (Year): 36 (1989)
    Issue (Month): 4 (December)
    Pages: 810-835

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    Handle: RePEc:pal:imfstp:v:36:y:1989:i:4:p:810-835

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    Cited by:
    1. Paul R. Masson, 2000. "Exchange Rate Regime Transitions," IMF Working Papers, International Monetary Fund 00/134, International Monetary Fund.
    2. K. Rudgalvis, 1996. "Establishing a new currency and exchange rate determination: the case of Lithuania," CERT Discussion Papers, Centre for Economic Reform and Transformation, Heriot Watt University 9604, Centre for Economic Reform and Transformation, Heriot Watt University.
    3. E. Grilli, 1999. "Some considerations on the reform of the international monetary and financial system," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, Banca Nazionale del Lavoro, vol. 52(209), pages 195-237.
    4. E. Grilli, 1999. "Some considerations on the reform of the international monetary and financial system," BNL Quarterly Review, Banca Nazionale del Lavoro, Banca Nazionale del Lavoro, vol. 52(209), pages 195-237.
    5. Cavallari, Lilia & Corsetti, Giancarlo, 2000. "Shadow rates and multiple equilibria in the theory of currency crises," Journal of International Economics, Elsevier, Elsevier, vol. 51(2), pages 275-286, August.
    6. Ozkan, F. Gulcin & Sutherland, Alan, 1998. "A currency crisis model with an optimising policymaker," Journal of International Economics, Elsevier, Elsevier, vol. 44(2), pages 339-364, April.
    7. Sergio Rebelo & Carlos A. Vegh, 2006. "When Is It Optimal to Abandon a Fixed Exchange Rate?," NBER Working Papers 12793, National Bureau of Economic Research, Inc.

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