Are Emerging Market Countries Learning to Float?

Dalia Hakura

No 2005/098, IMF Working Papers from International Monetary Fund

Abstract: The paper finds that exchange rate flexibility in emerging market countries has increased over the past decade. This "learning to float" appears to have involved a strengthening of monetary and financial policy frameworks aimed at directly addressing the key vulnerabilities that give rise to the "fear of floating." The results in the paper suggest that the trend toward greater exchange rate flexibility, alongside a strengthening of banking supervision, has afforded emerging market countries more monetary policy independence.

Keywords: WP; exchange rate; exchange rate regime; emerging market; country; monetary policy (search for similar items in EconPapers)
Pages: 34
Date: 2005-05-01
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Citations: View citations in EconPapers (14)

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