Does the Exchange Rate Regime Matter for Inflation and Growth?

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International Monetary Fund, 1996 - Business & Economics - 13 pages
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Although the theoretical relationships are ambiguous, evidence suggestsa strong link between the choice of the exchange rate regime and economicperformance. the paper argues that adopting a pegged exchange rate canlead to lower inflation, but also to slower growth in productivity. Itfinds that on average per capita GDP growth was slightly faster underfloating regimes than under pegged exchange regimes.

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About the author (1996)

Atish R. Ghosh is Chief of the Policy Review Division of the Policy Development and Review Department of the International Monetary Fund. Ghosh is co-author (with Holger C. Wolf and Anne-Marie Gulde) of "Exchange Rate Regimes: Choice and Consequences" (MIT Press, 2003).

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