The Case for Joint Management of Exchange Rate Flexibility
AbstractThe 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 InfoPaper provided by Peterson Institute for International Economics in its series Working Paper Series with number wp99-9.
Date of creation: 1999
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- Ramkishen S. Rajan & Tony Cavoli, 2010.
"Exchange Rate Arrangements For East Asia Post-Crisis: Examining The Case For Open Economy Inflation Targeting,"
- Tony Cavoli & Ramkishen Rajan, 2003. "Exchange Rate Arrangements for East Asia Post-Crisis: Examining the Case for Open Economy Inflation Targeting," Centre for International Economic Studies Working Papers 2003-10, University of Adelaide, Centre for International Economic Studies.
- 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.
- 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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