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The Comparative Performance Of Fixed And Flexible Exchange-Rate Regimes

B. Eichengreen
Published 1991 · Economics

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The behaviour of floating exchange rates over the past 15 years has surprised and dismayed the proponents of flexibility. Nominal exchange rates have displayed a strikingly high degree of variability. The rise in nominal exchange-rate variability has been accompanied by a rise in real exchange-rate variability. Many observers believe that the connection is causal: that nominal exchange-rate movements have been a source of costly swings in relative prices. Exchange-rate flexibility does not seem to have provided the insulation from foreign disturbances or the autonomy for domestic policy predicted by early models. The implication is that exchange-rate flexibility may have larger costs and smaller benefits than forecast in 1973.

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