Kiel Working Papers, Kiel Institute for World Economics
No 1288:
International Exchange Rate Systems - Where do we Stand?
Horst Siebert
Abstract: This paper analyzes institutional arrangements for
exchange rate systems and reviews what we know. It looks at the foreign
exchange market, different balance of payment situations in which countries
find themselves and the necessary exchange rate adjustments. It studies the
options that are available to countries in choosing their exchange rate
system (type of nominal anchor, nominal anchor versus real target and the
degree of sovereignty to be given up) and reviews the historical experience
for multilateral options. The actual system is a fragile low-inflation
central bank dominated arrangement. Options for the future rest on quite a
few idealistic ideas. In addition to choosing the exchange rate system,
adopting the right exchange rate is also addressed.
Keywords: Exchange rate systems, Balance of payments situations, External and internal equilibrium, Choosing the exchange rate system, Unilateral and multilateral arrangements, Options for the future, Universal money; (follow links to similar papers)
JEL-Codes: E,; E5,; E42,; E58,; E61,F31,; F32,F33; (follow links to similar papers)
46 pages, August 2006
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