Choosing an Exchange Rate Regime
نویسندگان
چکیده
1The sequence within intermediate regimes is somewhat arbitrary. For example, if the band is as narrow as 2 4 % as in the European Exchange Rate Mechanism or even 1% as under Bretton Woods, then it would properly belong closer to the fixed-rate end of the spectrum. Similarly, if the adjustable peg involved a devaluation or revaluation every time a moderate shock came along, it would properly belong closer to the flexible end of the spectrum.
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