This essay considers strategies that developing and emerging-market economies might use when seeking to exit from currency pegs. It also considers techniques for completing the move to greater flexibility, as well as the scope for adopting inflation targeting as a nominal anchor following an...

The fifteen newly independent republics of the former Soviet Union began 1992 with a functionning ruble area inherited from the Soviet union. Indeed, early that year, the ruble was atop the currency hit parade; no other currency served as sole legal tender across so many national borders. This...

This essay makes the assumption that the euro is coming and seeks to understand the implications of its arrival for the US dolar. In particular, it investigates the motives for, and implications of, shifts of funds by international portfolio managers in response to the euro's introduction.

The fifteen newly independent republics of the former Soviet Union began 1992 with a functionning ruble area inherited from the Soviet union. Indeed, early that year, the ruble was atop the currency hit parade; no other currency served as sole legal tender across so many national borders. This...