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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