Approaches to Exchange Rate Policy

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International Monetary Fund, Jun 1, 1994 - Business & Economics - 298 pages
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External sector policies and exchange rate policy are central to a country's economic performance and to the IMF's surveillance functions. The papers in this book, edited by Richard Barth and Chorng-Huey Wong, were presented at a seminar on Exchange Rate Policy in Developing and Transition Economies held by the IMF Institute. They analyze choices of exchange rate regimes, issues affecting management of exchange regimes, and specific types of regimes, including case studies from the former Soviet Union, Africa, Asia, and Latin America.
 

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Contents

Michel Camdessus
3
PART II
11
Exchange Rate Misalignment in Developing Countries
45
Inflation Stabilization and Nominal Anchors
90
Flickenschild
103
Summary of Discussion
111
PART III
129
Recent Experience with Floating Exchange Rates
137
Comment
166
Exchange Rate Policy in a Monetary Union
172
A Primer on the CFA France Zone
187
Comment
200
Summary of Discussion
206
PART IV
233
PART V
279
Summary of Discussion
291

Reinold H van Til
148
Case Study of Mexico 198291
157

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Page 8 - In particular, each member shall: (i) endeavor to direct its economic and financial policies toward the objective of fostering orderly economic growth with reasonable price stability, with due regard to its circumstances; (ii) seek to promote stability by fostering orderly underlying economic and financial conditions and a monetary system that does not tend to produce erratic disruptions; 27 Ibid., p.
Page 8 - ... underlying economic and financial conditions and a monetary system that does not tend to produce erratic disruptions; (iii) avoid manipulating exchange rates or the international monetary system in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage over other members; and (iv) follow exchange policies compatible with the undertakings under this Section.

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