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Kicking The Habit: Moving From Pegged Rates To Greater Exchange Rate Flexibility
Article from Journal - ilmiah internasional
The Economic Journal (EBSCO) vol. 109 no. 454 (Mar. 1999)
Why do governments ®nd it so dif®cult to move from pegged exchange rates to greater exchange rate ¯exibility? I ®rst establish that there is a problem to be solved: that there are powerful incentives for greater ¯exibility deriving from changes in the international economic and ®nancial environment but that policymakers ®nd it dif®cult to engineer a smooth transition. I offer practical suggestions and a framework under which the probability of a smooth transition can be maximised. Drawing examples from recent economic history, I then attempt to understand the experience of selected countries which have undertaken this transition.
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