Brooks, Robin; Rogoff, Kenneth; Mody, Ashoka; Oomes, Nienke - International Monetary Fund (IMF) - 2004
The issue of the appropriate exchange rate regime for individual countries has been perennially lively, and the role … gained prominence in the policy debate. Using recent advances in the classification of exchange rate regimes, the key message … in this paper is that, as economies and their institutions mature, the value of exchange rate flexibility increases. This …