Fear of Free Floating or Forced Exchange Rate Fixing

O. Osipova

Voprosy Ekonomiki, 2004, issue 6

Abstract: After the financial crisis at the end of the 1990 s many countries rejected fixed exchange rate policy. However actually they failed to proceed to announced "independent float" exchange rate arrangement. This might be due to the "fear of floating" or an irreversible result of inflation targeting central bank policy. In the article advantages and drawbacks of fixed and floating exchange rate arrangements are systematized. Features of new returning to exchange rates stabilization and possible risks of such policy for Russia are considered. Special attention is paid to the issue of choice of a "target" currency composite which can minimize external inflation pass-through.

Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2004:id:1910

DOI: 10.32609/0042-8736-2004-6-112-122

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