Exchange Rate Regimes : Is the Bipolar View Correct?

The bipolar or two-corner solution view of exchange rates is that intermediate policy regimes between hard pegs and floating are not sustainable. This paper argues that the proponents of the bipolar view have probably exaggerated their point. The right statement is that for countries open to international capital flows, softly pegged exchange rates are crisis-prone and not sustainable over long periods. However a wide variety of flexible rate arrangements remains possible; and monetary and exchange rate policy in most countries should not and will not be indifferent to exchange rate movements

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Year of publication:	2001
Authors:	Fischer, Stanley
Publisher:	[S.l.] : SSRN
Subject:	Wechselkurssystem \| Exchange rate regime \| Fester Wechselkurs \| Fixed exchange rate \| Flexibler Wechselkurs \| Flexible exchange rate \| Geldpolitik \| Monetary policy \| Schwellenländer \| Emerging economies \| Theorie \| Theory \| Wechselkurs \| Exchange rate \| Industrieländer \| Industrialized countries

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