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Exchange Rates in a World of Capital Mobility

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  • Martin Wolf

    (Financial Times, London)

Abstract

All exchange rate regimes create difficulties. But, painful experience has now reinforced the theoretical presumption against adjustable pegs in a world of capital account convertibility. Liberalization of the capital account has forced countries away from the middle ground toward the polar option of free-floating exchange rates, with monetary autonomy, or hard pegs, without it.

Suggested Citation

  • Martin Wolf, 2002. "Exchange Rates in a World of Capital Mobility," The ANNALS of the American Academy of Political and Social Science, , vol. 579(1), pages 38-52, January.
    • Handle: RePEc:sae:anname:v:579:y:2002:i:1:p:38-52
    DOI: 10.1177/000271620257900104
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    References listed on IDEAS

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    1. Ronald I. McKinnon & Kenichi Ohno, 1997. "Dollar and Yen: Resolving Economic Conflict between the United States and Japan," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262133350, December.
    2. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 3-24, Spring.
    3. Steven Radelet & Jeffrey D. Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 1-90.
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    Cited by:

    1. Harris Dellas & George S. Tavlas, 2002. "The Collapse of Exchange Rate Pegs," The ANNALS of the American Academy of Political and Social Science, , vol. 579(1), pages 53-72, January.

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