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The Choice of Exchange Rate Regime in Emerging-Market and Transition Economies

In: Palgrave Dictionary of Emerging Markets and Transition Economics

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  • Karsten Staehr

Abstract

The exchange rate regime comprises the exchange rate arrangement and a number of complementary policies, including possible capital controls and monetary policy. The normative choice of an appropriate exchange rate regime must take into account many factors. Fixed exchange rates facilitate international trade, but may lead to more variability of output and employment. For emerging-market and transition economies, other factors such as export competitiveness, disinflation policies, maintenance of low inflation, and the credibility and administrative capacity of the authorities may be equally important. These features differ across countries and change over time. Empirical studies suggest that numerous factors are of importance for the choice of exchange rate regime, but also that the effects of the choice are difficult to pin down.

Suggested Citation

  • Karsten Staehr, 2015. "The Choice of Exchange Rate Regime in Emerging-Market and Transition Economies," Palgrave Macmillan Books, in: Jens Hölscher & Horst Tomann (ed.), Palgrave Dictionary of Emerging Markets and Transition Economics, chapter 4, pages 60-91, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-37138-6_5
    DOI: 10.1007/978-1-137-37138-6_5
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    Cited by:

    1. Kersti Harkmann & Karsten Staehr, 2019. "Current account dynamics and exchange rate regimes in Central and Eastern Europe," Bank of Estonia Working Papers wp2018-08, Bank of Estonia, revised 23 Jan 2019.
    2. Harkmann, Kersti & Staehr, Karsten, 2021. "Current account drivers and exchange rate regimes in Central and Eastern Europe," Journal of International Money and Finance, Elsevier, vol. 110(C).

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