Few topics in international economics are as controversial as the choice                  of an exchange rate regime. Since the breakdown of the Bretton Woods system in the                  early 1970s, countries have adopted a wide variety of regimes, ranging from pure                  floats at one extreme to currency boards and dollarization at the other. While a                  vast theoretical literature explores the choice and consequences of exchange rate                  regimes, the abundance of possible effects makes it difficult to establish clear                  relationships between regimes and common macroeconomic policy targets such as                  inflation and growth.This book takes a systematic look at the evidence on                  macroeconomic performance under alternative exchange rate regimes, drawing on the                  experience of some 150 member countries of the International Monetary Fund over the                  past thirty years. Among other questions, it asks whether pegging the exchange rate                  leads to lower inflation, whether floating exchange rates are associated with faster                  output growth, and whether pegged regimes are particularly prone to currency and                  other crises. The book draws on history and theory to delineate the debate and on                  standard statistical methods to assess the empirical evidence, and includes a CD-ROM                  containing the data set used.

Exchange rate regimes: choices and consequences, Volume 1 PDF

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