Exchange Rate Regime Choice in Historical Perspective

Michael Bordo

No 2003/160, IMF Working Papers from International Monetary Fund

Abstract: In this paper, I survey the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the delineation of regimes and their macroeconomic performance. The penultimate section provides a brief history of monetary regimes in industrial and emerging economies. The conclusion considers the case for a managed float regime for today's emerging economies.

Keywords: WP; exchange rate; country; regime choice; gold standard; regime; Bretton Woods system; exchange rate regimes; exchange rate regime choice; core country; fiat money; member nation; periphery country; regime classification; Gold; Exchange rate arrangements; Conventional peg; Exchange rates; Currency boards; Europe; Global; East Asia; Western Europe (search for similar items in EconPapers)
Pages: 28
Date: 2003-08-01
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Citations: View citations in EconPapers (51)

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