What Do Currency Crises Tell Us About the Future of the International Monetary System?

Barry Eichengreen and Charles Wyplosz.
Authors registered in the RePEc Author Service: Barry Eichengreen and Charles Wyplosz

No C95-057, Center for International and Development Economics Research (CIDER) Working Papers from University of California at Berkeley

Abstract: In this paper we review what is known about exchange rate crises. We then draw out lessons for the choice of exchange rate regime. We show the dilemmas of exchange rate management are particularly acute for small, open developing economies. Freely floating exchange rates are not tolerable for such countries because their markets are thin, their exchange rates would be volatile, and their trade and production would be severely disrupted. But fixed exchange rates are not viable either because they would be highly susceptible to destabilizing speculative attack.

Date: 1995-10-01
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Working Paper: What Do Currency Crises Tell Us About the Future of the International Monetary System? (1995)
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