Evolution of Exchange Rate Regimes

Robert P. Flood, Jagdeep S. Bhandari and Jocelyn P. Horne
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Robert P. Flood: International Monetary Fund
Jagdeep S. Bhandari: International Monetary Fund
Jocelyn P. Horne: International Monetary Fund

IMF Staff Papers, 1989, vol. 36, issue 4, 810-835

Abstract: Issues relating to the evolution of exchange rate regimes are examined. Empirical regularities concerning the variation over time of real and monetary disturbances and cross-country inflation differentials are first discussed. The paper then develops a model that incorporates these regularities and thereby enables exchange rate regime changes to be viewed as optimal and predictable responses by policymakers to a changing economic environment.

Date: 1989
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