The Case for Joint Management of Exchange Rate Flexibility
The succession of severe financial and exchange rate crises in recent years has given a new sense of urgency to the debate on the "international financial architecture." Given the severity of these events, it is hard to justify the claim made by some that what is really at issue is a coincidence of local, independent mistakes rationally sanctioned by investors.1 While studying the local, specific origins of each of the recent crises may provide useful insights on how to behave in today's highly interdependent international economy and how to accommodate "hot" capital flows, it is essential to focus on the systemic reasons why such crises occur as they have such severe implications.
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