The Asian crisis of 1997-1998 was a major influence on
macroeconomic thinking concerning exchange rate regimes, the
functioning of international institutions, such as the IMF and the
World Bank, and international contagion of macroeconomic
instability from one country to another. Exchange Rate Regimes and
Macroeconomic Stability offers perspectives on these issues from
the viewpoints of two Nobel Laureates, an IMF economist, and Asian
economists. This book contributes new ideas to the ongoing debate
on the role of domestic monetary authorities and international
institutions in reducing the likelihood of international financial
crises, as well as the problems associated with various exchange
rate regimes from the standpoint of macroeconomic stability.
Overall, the chapters contained in this volume offer interesting
perspectives, which have been stimulated by the recent events in
the foreign exchange market. They provide a useful reference for
anyone interested in the development of exchange rate regimes, and
represent considerable reflection by economists half a century
after Bretton Woods.
General
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