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The Case for Joint Management of Exchange Rate Flexibility

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Author Info

  • C. Fred Bergsten

    ()
    (Peterson Institute for International Economics)

  • Olivier Davanne

    (Conseil d'Analyse Economique)

  • Pierre Jacquet

    (Peterson Institute for International Economics)

Abstract

The succession of severe financial and exchange rate crises in recent years has given a new sense of urgency to the debate on the "international financial architecture." Given the severity of these events, it is hard to justify the claim made by some that what is really at issue is a coincidence of local, independent mistakes rationally sanctioned by investors.1 While studying the local, specific origins of each of the recent crises may provide useful insights on how to behave in today's highly interdependent international economy and how to accommodate "hot" capital flows, it is essential to focus on the systemic reasons why such crises occur as they have such severe implications.

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Bibliographic Info

Paper provided by Peterson Institute for International Economics in its series Working Paper Series with number wp99-9.

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Date of creation: 1999
Date of revision:
Handle: RePEc:iie:wpaper:wp99-9

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Cited by:
  1. Ramkishen S. Rajan & Tony Cavoli, 2010. "Exchange Rate Arrangements For East Asia Post-Crisis: Examining The Case For Open Economy Inflation Targeting," Working Papers id:2718, eSocialSciences.
  2. Thomas I. Palley, 2006. "The Fallacy of the Revised Bretton Woods Hypothesis: Why TodayÕs International Financial System Is Unsustainable," Economics Public Policy Brief Archive ppb_85, Levy Economics Institute.
  3. Thomas I. Palley, 2006. "The Fallacy of the Revised Bretton Woods Hypothesis: Why Today’s System is Unsustainable and Suggestions for a Replacement," Working Papers wp114, Political Economy Research Institute, University of Massachusetts at Amherst.

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