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Exchange Rate Regimes and the Stability of the International Monetary System


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  • Atish R. Ghosh
  • Jonathan David Ostry
  • Charalambos G. Tsangarides


The member countries of the International Monetary Fund collaborate to try to assure orderly exchange arrangements and promote a stable system of exchange rates, recognizing that the essential purpose of the international monetary system is to facilitate the exchange of goods, services, and capital, and to sustain sound economic growth. The paper reviews the stability of the overall system of exchange rates by examining macroeconomic performance (inflation, growth, crises) under alternative exchange rate regimes; implications of exchange rate regime choice for interaction with the rest of the system (external adjustment, trade integration, capital flows); and potential sources of stress to the international monetary system.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Occasional Papers with number 270.

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Length: 47
Date of creation: 15 Mar 2011
Date of revision:
Handle: RePEc:imf:imfocp:270

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Postal: International Monetary Fund, Washington, DC USA
Phone: (202) 623-7000
Fax: (202) 623-4661
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Keywords: Exchange rate regimes; Financial stability; International monetary system; Reserve currencies; Reserves accumulation; Trade integration; exchange rate; exchange rate regime; exchange rates; real exchange rate; floating exchange rate; intermediate exchange rate; output growth; floating exchange rate regimes; exchange rate volatility; central banks; real exchange rate volatility; intermediate exchange rate regimes; current account balance; flexible exchange rate; alternative exchange rate; alternative exchange rate regimes; foreign exchange; flexible exchange rate regimes; reserve currency; current account; exchange rate flexibility; inflation; intermediate exchange rate regime; foreign exchange reserves; exchange reserves; floating exchange rates; bilateral trade; nominal exchange rate; trade openness; exchange arrangements; short-term debt; exchange rate policy; balance of payments; reserve holdings; monetary union; currency composition; exchange rate risk; exchange rate uncertainty; flexible exchange rate regime; currency unions; current account surpluses; central bank; lower inflation; exchange rate overvaluation; terms of trade; international trade; trade patterns; regional integration; gold exchange standard; import price; floating exchange rate regime; exchange rate mechanism; reserve assets; fixed exchange rate; fixed exchange rate regimes; trade diversion; market integration; exchange rate peg; foreign exchange market; per capita income; trade growth; current account deficit; exchange rate regime classifications; aggregate demand; exchange restrictions; real exchange rates; classification of exchange rate; deeper trade integration; member country; balance of payments crisis; real exchange rate stability; real exchange rate overvaluation; trading patterns; trading blocs; trade agreements; real exchange rate uncertainty; open economies; closed economies; currency exchange; competitive real exchange rates; currency exchange rates; inflexible exchange rate; foreign exchange markets; exchange markets; internal trade; investment flows; reserve accumulation; reserve holding; debt crisis; reserve asset; exchange rate changes; price level; reserve portfolio; external debt; dollar exchange rates; global scale; export trade; economic outcomes; trading partners; rigid exchange rate regime; openness measure; history of exchange rate; border trade; international trade one; flexible exchange rates; domestic price; oil exporter; merchandise trade; foreign investment; competitive real exchange rate; price stability; evidence of trade diversion; trade imbalances; world economy; world markets; commodity exporters; global trade; economic cooperation; inflexible exchange rate regime; oil exporters; exchange rate stability; trade flows; current accounts; currency pegs; trade effects; exchange rate dummy; monetary unions; output volatility; exchange rate arrangements; export price; currency question; exchange rate variability; currency boards; exchange rate change; fixed exchange rates; trade wars; exchange rate behavior;


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Cited by:
  1. Nicolas E. Magud & Carmen M. Reinhart & Esteban R. Vesperoni, 2014. "Capital Inflows, Exchange Rate Flexibility and Credit Booms," Review of Development Economics, Wiley Blackwell, Wiley Blackwell, vol. 18(3), pages 415-430, 08.
  2. Mahvash S. Qureshi & Jonathan D. Ostry & Atish R. Ghosh & Marcos Chamon, 2011. "Managing Capital Inflows: The Role of Capital Controls and Prudential Policies," NBER Chapters, National Bureau of Economic Research, Inc, in: Global Financial Crisis National Bureau of Economic Research, Inc.
  3. C. Emre Alper & Lorenzo Forni, 2011. "Public Debt in Advanced Economies and its Spillover Effectson Long-Term Yields," IMF Working Papers 11/210, International Monetary Fund.
  4. Nils Øyvind Mæhle & Haimanot Teferra & Armine Khachatryan, 2013. "Exchange Rate Liberalization in Selected Sub-Saharan African Countries Successes, Failures, and Lessons," IMF Working Papers 13/32, International Monetary Fund.
  5. Miranda Xafa, 2010. "Role of the IMF in the Global Financial Crisis," Cato Journal, Cato Journal, Cato Institute, Cato Journal, Cato Institute, vol. 30(3), pages 475-489, Fall.
  6. Olivier J. Blanchard & Mitali Das & Hamid Faruqee, 2010. "The Initial Impact of the Crisis on Emerging Market Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 41(1 (Spring), pages 263-323.
  7. Gian-Maria Milesi-Ferretti & Philip R. Lane, 2011. "External Adjustment and the Global Crisis," IMF Working Papers 11/197, International Monetary Fund.
  8. International Monetary Fund, 2012. "The Relationship Between the Foreign Exchange Regime and Macroeconomic Performance in Eastern Africa," IMF Working Papers 12/148, International Monetary Fund.
  9. Thorvaldur Gylfason & Eduard Hochreiter, 2011. "Growing Together: Croatia and Latvia," Comparative Economic Studies, Palgrave Macmillan, vol. 53(2), pages 165-197, June.
  10. Charalambos G. Tsangarides, 2010. "Crisis and Recovery," IMF Working Papers 10/242, International Monetary Fund.
  11. Atish R. Ghosh & Jonathan David Ostry & Charalambos G. Tsangarides, 2012. "Shifting Motives," IMF Working Papers 12/34, International Monetary Fund.
  12. Eichengreen, Barry & Mehl, Arnaud & Chiţu, Livia, 2012. "When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets," Working Paper Series, European Central Bank 1433, European Central Bank.
  13. Anders Aslund, 2011. "Lessons from the East European Financial Crisis, 2008-10," Policy Briefs PB11-9, Peterson Institute for International Economics.
  14. Mahvash Saeed Qureshi & Atish R. Ghosh & Charalambos G. Tsangarides, 2011. "Words vs. Deeds," IMF Working Papers 11/112, International Monetary Fund.
  15. Rose, Andrew K, 2010. "Exchange Rate Regimes in the Modern Era: Fixed, Floating, and Flaky," CEPR Discussion Papers, C.E.P.R. Discussion Papers 7987, C.E.P.R. Discussion Papers.


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