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Exchange Rate Regime Choice in Historical Perspective

Michael Bordo ()

No 03/160, 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: Foreign exchange; Gold standard, Bretton Woods system, exchange rate regimes, exchange rate, inflation, exchange rates, exchange rate regime, International Monetary Arrangements and Institutions, (search for similar items in EconPapers)
Date: 2003-08-01
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