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Managed Floating Plus

Author

Listed:
  • Morris Goldstein

    (Peterson Institute for International Economics)

Abstract

In this analysis Morris Goldstein examines currency regime choices for emerging economies that are heavily involved with private capital markets. The author argues that the best regime choice for such economies would be managed floating plus, where "plus" is shorthand for a framework that includes inflation targeting and aggressive measures to discourage currency mismatching. Goldstein argues that if managed floating were enhanced in this way, it would retain the desirable features of a flexible rate regime while addressing the nominal anchor and balance-sheet problems that have historically underpinned a "fear of floating" and handicapped the performance of managed floating in emerging economies. The author also shows why managed floating plus is superior to four alternative currency-regime options--an adjustable peg system, a "BBC (basket, band, crawl) regime," a currency board, and dollarization.

Suggested Citation

  • Morris Goldstein, 2002. "Managed Floating Plus," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa66, October.
  • Handle: RePEc:iie:piiepa:pa66
    Note: Policy Analyses in International Economics 66
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    Cited by:

    1. Burger, John D. & Warnock, Francis E., 2007. "Foreign participation in local currency bond markets," Review of Financial Economics, Elsevier, vol. 16(3), pages 291-304.
    2. repec:bdr:ensayo:v::y:2006:i:50:p:12-47 is not listed on IDEAS
    3. Jorge Enrique Restrepo, 1998. "Reglas Monetarias En Una Economía Pequeña Y Abierta," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 17(33), pages 61-84, July.
    4. Mahmoud Mohieldin & Ahmed Kouchouk, 2003. "On Exchange Rate Policy: The Case of Egypt 1970-2001," Working Papers 0312, Economic Research Forum, revised 04 2003.
    5. Javier Guillermo Gómez, 2006. "Monetary Policy in Colombia," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 24(50), pages 12-47, June.
    6. John D. Burger & Francis E. Warnock, 2003. "Diversification, original sin, and international bond portfolios," International Finance Discussion Papers 755, Board of Governors of the Federal Reserve System (U.S.).
    7. Kurt Schuler, 2005. "Ignorance and Influence: U.S. Economists on Argentina's Depression of 1998–2002," Econ Journal Watch, Econ Journal Watch, vol. 2(2), pages 234-278, August.
    8. Rhenals M., Remberto & Saldarriaga, Juan Pablo, 2008. "Una regla de Taylor óptima para Colombia, 1991-2006," REVISTA LECTURAS DE ECONOMÍA, UNIVERSIDAD DE ANTIOQUIA - CIE, November.

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