Fifty Years of Exchange Rate Research and Policy at the International Monetary Fund
This paper reviews the development over the past fifty years in the IMF of research on, and policy attitudes toward, exchange rate matters. Three successive phases are noted. In the first ten to fifteen years, within the confines of the par value system, research was mainly focused on achieving a better understanding of the working of exchange rates. From the early 1960s to the mid-1980s, the focus shifted toward discovering and, if possible, enforcing “correct” exchange rates. More recently, the limitations of that approach have led to increased attention to the merits of alternative exchange rate regimes, both among the industrial countries and for developing countries.
Volume (Year): 42 (1995)
Issue (Month): 4 (December)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- S. C. Tsiang, 1957. "An Experiment with a Flexible Exchange Rate System: The Case of Peru, 1950-54," IMF Staff Papers, Palgrave Macmillan, vol. 5(3), pages 449-476, February.
- J. Marcus Fleming, 1958. "Exchange Depreciation, Financial Policy, and the Domestic Price Level," IMF Staff Papers, Palgrave Macmillan, vol. 6(2), pages 289-322, April.
- Reinhart, Carmen & Calvo, Guillermo & Vegh, Carlos, 1994.
"Targeting the real exchange rate: Theory and evidence,"
13412, University Library of Munich, Germany.
- Calvo, Guillermo A. & Reinhart, Carmen M. & Vegh, Carlos A., 1995. "Targeting the real exchange rate: theory and evidence," Journal of Development Economics, Elsevier, vol. 47(1), pages 97-133, June.
- Reinhart, Carmen & Calvo, Guillermo & Vegh, Carlos, 1994. "Targeting the real exchange rate," MPRA Paper 13765, University Library of Munich, Germany.
- Carlos A. VÃ©gh Gramont & Guillermo Calvo & Carmen Reinhart, 1994. "Targeting the Real Exchange Rate; Theory and Evidence," IMF Working Papers 94/22, International Monetary Fund.
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