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Where Do We Stand On Choosing Exchange Rate Regimes in Developing and Emerging Economies?

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  • Graham Bird

Abstract

In the midst of a lively debate about international monetary reform at the beginning of the twenty-first century, there seemed to be a broad consensus about exchange rate policy in developing and emerging economies; that they should opt for one of the extremes in the form of either firm fixity or free flexibility. Intermediate solutions were ruled out. However, dissenting voices remained and have become more audible. This paper reviews the underlying theoretical issues and draws on case study experience to see whether clear conclusions emerge. The investigation shows that the choice of exchange rate regime continues to involve a careful weighing up of opposing arguments. It may therefore be unwise for the IMF to adopt the ‘consensus’ view. A more subtle made-to-measure approach is needed.

Suggested Citation

  • Graham Bird, 2002. "Where Do We Stand On Choosing Exchange Rate Regimes in Developing and Emerging Economies?," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 3(1), pages 145-167, January.
  • Handle: RePEc:wej:wldecn:95
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    Cited by:

    1. Julio J. Guzman, 2016. "Social protection during recessions: evidence from Chile," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 19(4), pages 348-368, October.
    2. Graham Bird & Dane Rowlands, 2005. "Bi-Polar Disorder: Exchange Rate Regimes, Economic Crises and the IMF," School of Economics Discussion Papers 0705, School of Economics, University of Surrey.
    3. Bird, Graham & Rowlands, Dane, 2009. "Exchange Rate Regimes in Developing and Emerging Economies and the Incidence of IMF Programs," World Development, Elsevier, vol. 37(12), pages 1839-1848, December.
    4. Bird, Graham & Mandilaras, Alex, 2006. "Regional heterogeneity in the relationship between fiscal imbalances and foreign exchange market pressure," World Development, Elsevier, vol. 34(7), pages 1171-1181, July.

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