000233418 001__ 233418
000233418 005__ 20180123003804.0
000233418 037__ $$a1554-2016-132503
000233418 041__ $$aen_US
000233418 245__ $$aWhat Do Currency Crises Tell Us About the Future of the International Monetary System?
000233418 260__ $$c1995-10
000233418 269__ $$a1995-10
000233418 300__ $$a27
000233418 336__ $$aWorking or Discussion Paper
000233418 490__ $$aWorking Paper
000233418 490__ $$aC95-057
000233418 520__ $$aIn 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.
Larger neighbors, for whom international transactions are less important, will have little
reason to contemplate stabilizing their exchange rates against one another. This scenario
points to eventual emergence of a world organized around three currency zones centered on
the United States, Western Europe and Japan.
000233418 542__ $$fLicense granted by Deanna Kanne (kanne053@umn.edu) on 2016-03-24T18:52:37Z (GMT):

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000233418 650__ $$aFinancial Economics
000233418 6531_ $$aexchange rates
000233418 6531_ $$ainternational monetary system
000233418 700__ $$aEichengreen, Barry
000233418 700__ $$aWyplosz, Charles
000233418 8564_ $$s6550311$$uhttp://ageconsearch.umn.edu/record/233418/files/cal-cider-c095-057.pdf
000233418 887__ $$ahttp://purl.umn.edu/233418
000233418 909CO $$ooai:ageconsearch.umn.edu:233418$$pGLOBAL_SET
000233418 912__ $$nSubmitted by Deanna Kanne (kanne053@umn.edu) on 2016-03-24T18:54:08Z
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  Previous issue date: 1995-10
000233418 982__ $$gUniversity of California, Berkeley>Department of Economics>Center for International and Development Economics Research (CIDER) Working Papers
000233418 980__ $$a1554