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Transition Strategies and Nominal Anchors on the Road to Greater Exchange-Rate Flexibility



This essay considers strategies that developing and emerging-market economies might use when seeking to exit from currency pegs. It also considers techniques for completing the move to greater flexibility, as well as the scope for adopting inflation targeting as a nominal anchor following an exit from a currency peg.

Suggested Citation

  • Eichengreen, B. & Masson, P. & Savastano, M. & Sharma, S., 1999. "Transition Strategies and Nominal Anchors on the Road to Greater Exchange-Rate Flexibility," Princeton Essays in International Economics 213, International Economics Section, Departement of Economics Princeton University,.
  • Handle: RePEc:fth:priifi:213

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    References listed on IDEAS

    1. Pu Shen, 1997. "Settlement risk in large-value payments systems," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 45-62.
    2. Obstfeld, Maurice, 1998. "A strategy for launching the Euro," European Economic Review, Elsevier, vol. 42(6), pages 975-1007, June.
    3. Calmfors, Lars, 1998. "Unemployment, Labour-Market Reform and Monetary Union," Seminar Papers 639, Stockholm University, Institute for International Economic Studies.
    4. Kenen,Peter B., 1995. "Economic and Monetary Union in Europe," Cambridge Books, Cambridge University Press, number 9780521558839, March.
    5. Alesina, Alberto & Perotti, Roberto, 1997. "The Welfare State and Competitiveness," American Economic Review, American Economic Association, vol. 87(5), pages 921-939, December.
    6. Alberto Alesina & Roberto Perotti, 1995. "Fiscal Expansions and Fiscal Adjustments in OECD Countries," NBER Working Papers 5214, National Bureau of Economic Research, Inc.
    7. Robert P. Flood & Peter M. Garber, 2000. "Is Launching the Euro Unstable in the Endgame?," NBER Chapters,in: Currency Crises, pages 163-177 National Bureau of Economic Research, Inc.
    8. David Folkerts-Landau & Peter M. Garber, 1995. "Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 134-157, March.
    9. Maurice Obstfeld & Giovanni Peri, 1998. "Regional non-adjustment and fiscal policy," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 205-259, April.
    10. D. F. I. Folkerts-Landau & Peter M. Garber, 1994. "Determining the Value of a Financial Unit of Account Basedon Composite Currencies; The Case of the Private Ecu," IMF Working Papers 94/72, International Monetary Fund.
    11. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-1357, September.
    12. Kenen, Peter B, 1998. "Monetary Policy in Stage Three: A Review of the Framework Proposed by the European Monetary Institute," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 3(1), pages 3-12, January.
    13. Goodhart, Charles & Schoenmaker, Dirk, 1995. "Should the Functions of Monetary Policy and Banking Supervision Be Separated?," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 539-560, October.
    14. Calmfors, L., 1998. "Unemployment, Labour-Market Reform and Monetary Union," Papers 639, Stockholm - International Economic Studies.
    15. Perotti, Roberto & Alesina, Alberto, 1997. "The Welfare State and Competitiveness," Scholarly Articles 4553027, Harvard University Department of Economics.
    16. Maurice Obstfeld, 1997. "Europe's Gamble," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 28(2), pages 241-317.
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    More about this item



    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange


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