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Mundell-Fleming Lecture: Exchange Rate Systems, Surveillance, and Advice

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  • Stanley Fischer
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    Abstract

    This paper draws together some lessons and questions about exchange rate systems and attempts to state what is known and what is not known about them. It begins by revisiting the bipolar issue with regard to exchange rates, restating the hypothesis and updating it in light of events of this decade, arguing that the bipolar view is fundamentally correct for emerging market and industrialized countries with open capital accounts. It also examines the choice of exchange rate regime for countries with capital accounts that are not open, and managed floating regimes and exchange market intervention for countries with open capital accounts. Concluding remarks provide comments and advice for IMF surveillance. IMF Staff Papers (2008) 55, 367–383. doi:10.1057/imfsp.2008.12; published online 1 July 2008

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal IMF Staff Papers.

    Volume (Year): 55 (2008)
    Issue (Month): 3 (July)
    Pages: 367-383

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    Handle: RePEc:pal:imfstp:v:55:y:2008:i:3:p:367-383

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    Cited by:
    1. Tsen, Wong Hock, 2011. "The real exchange rate determination: An empirical investigation," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 800-811, October.
    2. Giancarlo Marini & Giovanni Piersanti, 2012. "Models of Speculative Attacks and Crashes in International Capital Markets," CEIS Research Paper 245, Tor Vergata University, CEIS, revised 24 Jul 2012.
    3. Canofari Paolo & Marini Giancarlo & Piersanti Giovanni, 2012. "The sustainability of monetary unions. Can the Euro survive?," wp.comunite 0094, Department of Communication, University of Teramo.

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