On the Choice of Exchange Rate Regimes
By (author) W. Max Corden
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Too Sensational by W. Max Corden
Book DescriptionMost of the literature on exchange rate regimes has focused on the developed countries. Since the recent crises in emerging markets, however, attention has shifted to the choice of exchange rate regimes for developing countries, especially those that are more integrated into the world capital markets. In Too Sensational, W. Max Corden presents a systematic and accessible overview of the choice of exchange rate regimes. Reviewing many types of regimes, he shows how the choice of an exchange rate regime is related to both fiscal policy and trade policy. Building on the theory of optimum currency areas, Corden develops an analytic framework of three approaches (nominal anchor, real targets, and exchange rate stability) and three polar exchange rate regimes (absolutely fixed, pure floating, and fixed but adjustable). He considers all other regimes to be mixtures of two or three of the polar regimes. Beginning with theory and later turning to case studies of countries in Asia, Europe, and Latin America, Corden focuses on how economies react to negative and positive shocks under various exchange rate regimes. He examines in particular the Asian and Latin American currency crises of the 1990s. He concludes that although "too sensational" crises have discredited fixed but adjustable regimes, the extremes of absolutely fixed regimes or pure floating regimes need not be chosen.
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Book DetailsISBN: 9780262532693
(229mm x 152mm x 19mm)
Imprint: MIT Press
Publisher: MIT Press Ltd
Publish Date: 7-Sep-2004
Country of Publication: United States
Books By Author W. Max Corden
Trade Policy and Economic Welfare, Hardback (February 1997)
The second edition of this text on international economics has been substantially revised and updated to take account of the considerable activity in this field. Three new chapters discuss trade policy and the environment, stategic trade policy, and trade policy and the exchange rate; and the many arguments for protection are analysed in detail.
Economic Policy, Exchange Rates, and the International System, Paperback (September 1994)» View all books by W. Max Corden
This account of exchange rates in the international monetary system considers the issues in international macroeconomics. Using theoretical models of international economics it explains the effects of various policies and issues in macroeconomics.
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Author Biography - W. Max Corden
W. Max Corden is Emeritus Professor of International Economics at the Paul H. Nitze School of Advanced International Studies at Johns Hopkins University and Professional Fellow in the Department of Economics at the University of Melbourne, Australia.
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