Exchange Rate Regimes, Capital Flows and Crisis Prevention
AbstractIn this paper I analyze, within the context of the new 'financial architecture,' the relationship between exchange rate regimes, capital flows and currency crises in emerging economies. The paper draws on lessons learned during the 1990s, and deals with some of the most important policy controversies that emerged after the Mexican, East Asian, Russian and Brazilian crises. I evaluate some recent proposals for reforming the international financial architecture that have emphasized exchange rate regimes and capital mobility. I discuss emerging markets' ability to have floating exchange rate regime, and I analyze issues related to 'dollarization.'
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8529.
Date of creation: Oct 2001
Date of revision:
Publication status: published as Feldstein, Martin (ed.) Economic and financial crises in emerging market economies, NBER Conference Report series. Chicago and London: University of Chicago Press, 2003.
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Find related papers by JEL classification:
- F1 - International Economics - - Trade
- F2 - International Economics - - International Factor Movements and International Business
This paper has been announced in the following NEP Reports:
- NEP-ALL-2001-10-09 (All new papers)
- NEP-CBA-2001-10-09 (Central Banking)
- NEP-IFN-2001-10-09 (International Finance)
- NEP-LAM-2001-10-01 (Central & South America)
- NEP-PKE-2001-10-09 (Post Keynesian Economics)
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