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International Exchange Rate Systems - Where do we Stand?

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  • Horst Siebert
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    Abstract

    This paper analyzes institutional arrangements for exchange rate systems and reviews what we know. It looks at the foreign exchange market, different balance of payment situations in which countries find themselves and the necessary exchange rate adjustments. It studies the options that are available to countries in choosing their exchange rate system (type of nominal anchor, nominal anchor versus real target and the degree of sovereignty to be given up) and reviews the historical experience for multilateral options. The actual system is a fragile low-inflation central bank dominated arrangement. Options for the future rest on quite a few idealistic ideas. In addition to choosing the exchange rate system, adopting the right exchange rate is also addressed.

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    File URL: http://www.ifw-members.ifw-kiel.de/publications/international-exchange-rate-systems-where-do-we-stand/kap1288.pdf
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    Bibliographic Info

    Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1288.

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    Length: 46 pages
    Date of creation: Aug 2006
    Date of revision:
    Handle: RePEc:kie:kieliw:1288

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    Related research

    Keywords: Exchange rate systems; Balance of payments situations; External and internal equilibrium; Choosing the exchange rate system; Unilateral and multilateral arrangements; Options for the future; Universal money;

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    References

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    1. Chinn, Menzie David & Frankel, Jeffrey A., 2005. "Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?," Center for Global, International and Regional Studies, Working Paper Series qt6p4215w1, Center for Global, International and Regional Studies, UC Santa Cruz.
    2. Eswar Prasad, 2004. "China's Growth and Integration into the World Economy," IMF Occasional Papers 232, International Monetary Fund.
    3. Alan Ahearne & Jürgen von Hagen, 2005. "Global current account imbalances: how to manage the risk for Europe," Policy Briefs 231, Bruegel.
    4. McKinnon, Ronald I, 1982. "Currency Substitution and Instability in the World Dollar Standard," American Economic Review, American Economic Association, vol. 72(3), pages 320-33, June.
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    Cited by:
    1. Heinz Handler, 2008. "From the Bancor to the Euro. And Further on to the Intor?," WIFO Working Papers 317, WIFO.

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