Our study investigates the role of the exchange rate regime to explain the empirical link between financial crises and economic activity. We examine the relationship between real per capita GDP growth, exchange rate regimes and the incidence of crises. Asymmetries are also explored. While...

In this paper, we discuss the new aspects of exchange rate policy which can be observed in the emerging market economies and their most likely implications for allocation, distribution and stabilization goals. A special emphasis is put on the Chinese case, where large interventions in the...