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Kiel Institute for World Economics 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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