Bleaney, Michael; Ozkan, F. Gulcin - School of Economics, University of Nottingham
over the other at di�erent times, in parallel with the evolution of the interna-
tional monetary system. For example, most … countries preferred a �xed rate
regime at the beginning of the 20th century and adopted the gold standard.
In contrast, a … activities aimed at limiting exchange rate �exibility
(see, for example, Reinhart and Rogo�, 2004; Levy-Yeyati and Sturzenegger …