Fixed Or Flexible?: Getting the Exchange Rate Right in the 1990s

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This paper examines the recent evolution of exchange rate policies inthe developing world. It looks at why so many countries have made a transition from fixed or pegged exchange rates to managed floatingcurrencies. It discusses how economies perform under different exchangerate arrangements, issues in the choice of regime, and the challenges poised by a world of increasing capital mobility, especially when bankingsectors are inadequately regulated or supervised.

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