The mirage of floating exchange rates

@inproceedings{Reinhart2000TheMO,
  title={The mirage of floating exchange rates},
  author={Carmen M. Reinhart},
  year={2000}
}
During the past few years, many countries have suffered severe currency and banking crises, producing a staggering toll on their economies, particularly in emerging-market countries. In many cases, the cost of restructuring the banking sector has been in excess of 20 per cent of GDP, and output declines in the wake of crisis have been as large as 14 per cent. An increasingly popular view blames fixed exchange rates, specifically “soft pegs,” for these financial meltdowns. Not surprisingly… CONTINUE READING

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