Exchange Rate Regimes and the Stability of the International Monetary System

Occasional Papers, March 15, 2011

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Exchange Rate Regimes and the Stability of the International Monetary System

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Bibliographic details

• Authors: Atish R. Ghosh, Jonathan David Ostry, Charalambos G Tsangarides
• Published: March 15, 2011
• Series: Occasional Papers
• DOI: https://doi.org/10.5089/9781589069312.084

Summary

• The member countries of the International Monetary Fund collaborate to try to assure orderly exchange arrangements and promote a stable system of exchange rates.
• The essential purpose of the international monetary system is to facilitate the exchange of goods, services, and capital, and to sustain sound economic growth.
• The paper reviews the stability of the overall system of exchange rates by examining:
  • macroeconomic performance (inflation, growth, crises) under alternative exchange rate regimes;
  • implications of exchange rate regime choice for interaction with the rest of the system (external adjustment, trade integration, capital flows);
  • potential sources of stress to the international monetary system.

Authors and Publication

• Authors: Atish R. Ghosh, Jonathan David Ostry, Charalambos G Tsangarides
• Publication date: March 15, 2011
• Series: Occasional Paper No. 2011/001
• Issue: 001
• Volume: 2011
• Pages: 47
• DOI: https://doi.org/10.5089/9781589069312.084
• Stock No: S270EA
• ISBN: 9781589069312
• ISSN: 0251-6365

Major themes and areas of analysis

• Macroeconomic performance under alternative exchange rate regimes:
  • Inflation
  • Growth
  • Crises
• Interaction of exchange rate regime choice with the international system:
  • External adjustment
  • Trade integration
  • Capital flows
• Potential sources of stress to the international monetary system:
  • (Paper examines factors that could stress the system as part of its review)

Subjects and keywords

• Subject: Emerging and frontier financial markets, Exchange rate arrangements, Exchange rates, Financial markets, Floating exchange rates, Foreign exchange, Inflation, Prices, Real exchange rates
• Keywords: country, country's interaction, EME, Emerging and frontier financial markets, EMES' incentive, exchange rate, Exchange rate arrangements, Floating exchange rates, Global, IMF staff estimate, Inflation, inflation benefit, OP, Real exchange rates, regime, regime case, reserve currency status

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International Monetary Fund — Exchange Rate Regimes and the Stability of the International Monetary System (Occasional Paper No. 2011/001, March 15, 2011)

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