Exchange Rate Regimes for Emerging Markets: Reviving the Intermediate Option
In the aftermath of the Asian/global financial crises of 1997-98, howshould emerging markets now structure their exchange rate systemsto prevent new crises from occurring? This study challengescurrent orthodoxy by advocating the revival of intermediate exchangerate regimes. In so doing, Williamson presents a reasoned challenge tothe new prevailing attitude that claims that all countries involved in the international capital markets need to polarize to one of the extreme regimes (to a fixed rate with either a currency board or dollarization, or to a lightly-managed float). He concludes that although there is some truth in the allegation that intermediate regimes are vulnerable to speculative crises, they still offer offsetting advantages. He also contends that it would be possible to redesign them to be more flexible so as to reduce their vulnerability to crises.
|This book is provided by Peterson Institute for International Economics in its series Peterson Institute Press: All Books with number pa60 and published in 2000.|
|Note:||Policy Analyses in International Economics 60|
|Contact details of provider:|| Postal: |
Web page: http://bookstore.piie.com/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:iie:ppress:pa60. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peterson Institute webmaster)
If references are entirely missing, you can add them using this form.