International exchange rate systems: Where do we stand?

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Kiel Working Paper ; No. 1288

Classification and Topics

• Classification: Wirtschaft ; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems ; Foreign Exchange ; Current Account Adjustment; Short-term Capital Movements ; International Monetary Arrangements and Institutions ; Central Banks and Their Policies ; Policy Objectives; Policy Designs and Consistency; Policy Coordination
• Subject: Balance of payments situations ; External and internal equilibrium ; Choosing the exchange rate system ; Exchange rate systems ; Internationales Währungssystem ; Wechselkurssystem ; Monetäre Außenwirtschaftstheorie ; Theorie ; Welt

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Siebert, Horst
• Event: Veröffentlichung
• (who): Kiel Institute for the World Economy (IfW)
• (where): Kiel
• (when): 2006

Further information

• Handle: http://hdl.handle.net/10419/3859
• Last update: 10.03.2025, 11:43 AM CET