Moving to a Flexible Exchange Rate: How, When, and how Fast?

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International Monetary Fund, 2005 - Business & Economics - 21 pages
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A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.
 

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Contents

Moving to a Flexible Exchange Rate How When and How Fast?
1
Developing the foreign exchange market
2
Central bank intervention
8
Adopting an alternative nominal anchor
11
Managing and supervising exchange rate risk
13
Pace and sequencing
16
To float or not to float
18
The Economic Issues Series
20
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