Managed Floating Plus: The Great Currency Regime Debate (Policy Analyses in International Economics) by Morris Goldstein

Managed Floating Plus: The Great Currency Regime Debate (Policy Analyses in International Economics) Author: Morris Goldstein
eBook Title: Managed Floating Plus: The Great Currency Regime Debate (Policy Analyses in International Economics)
ISBN10: 0881323365
ISBN13: 978-0881323368
Language: English
Publisher: Peterson Institute for International Economics (March 1, 2002)
Category: Politics & Social Sciences
Subcategory: Politics & Government
Size ePub vers.: 1893 kb
Size PDF vers.: 1254 kb
Other formats: cb7, odf, pdf, azw, ibooks, mobi
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In this analysis Morris Goldstein examines currency regime choices for emerging economies that are heavily involved with private capital markets. The author argues that the best regime choice for such economies would be managed floating plus, where "plus" is shorthand for a framework that includes inflation targeting and aggressive measures to discourage currency mismatching. Goldstein argues that if managed floating were enhanced in this way, it would retain the desirable features of a flexible rate regime while addressing the nominal anchor and balance-sheet problems that have historically underpinned a "fear of floating" and handicapped the performance of managed floating in emerging economies. The author also shows why managed floating plus is superior to four alternative currency-regime options―an adjustable peg system, a "BBC (basket, band, crawl) regime," a currency board, and dollarization.

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