Kicking the Habit: Moving from Pegged Rates to Greater Exchange Rate Flexibility
Why do governments find it so difficult to move from pegged exchange rates to greater exchange rate flexibility? The author first establishes that there is a problem to be solved: that there are powerful incentives for greater flexibility deriving from changes in the international economic and financial environment but that policymakers find it difficult to engineer a smooth transition. He offers practical suggestions and a framework under which the probability of a smooth transition can be maximized. Drawing examples from recent economic history, the author then attempts to understand the experience of selected countries that have undertaken this transition.
Volume (Year): 109 (1999)
Issue (Month): 454 (March)
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