Exchange Rate Choices of Microstates

Exchange Rate Choices of Microstates
Author: Patrick A. Imam
Publisher: International Monetary Fund
Total Pages: 48
Release: 2010-01-01
Genre: Business & Economics
ISBN: 1451962002


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In this paper we first explain why most microstates (countries with less than 2 million inhabitants) have gained independence only in the last 30 years. Despite the higher costs and risks microstates face, their ability to better accommodate local preferences combined with a more integrated world economy probably explains why the benefits of independence have risen. We explain why microstates at independence have chosen either dollarization, currency board arrangements, or fixed exchange rates rather than more flexible forms of exchange rate systems. We then, using the Geweke-Hajvassiliou-Keane multivariate normal simulator, model empirically the determinants of each of the different fixed exchange rate regimes in microstates and analyze the policy implications.


Exchange Rate Choices of Microstates
Language: en
Pages: 48
Authors: Patrick A. Imam
Categories: Business & Economics
Type: BOOK - Published: 2010-01-01 - Publisher: International Monetary Fund

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In this paper we first explain why most microstates (countries with less than 2 million inhabitants) have gained independence only in the last 30 years. Despite
Exchange Rate Regimes
Language: en
Pages: 252
Authors: Atish R. Ghosh
Categories: Business & Economics
Type: BOOK - Published: 2002 - Publisher: MIT Press

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An empirical study of exchange rate regimes based on data compiled from 150 member countries of the International Monetary Fund over the past thirty years. Few
The Choice of an Exchange Rate System and Macroeconomic Stability
Language: en
Pages: 50
Authors: Michael Melvin (Economist)
Categories: Foreign exchange
Type: BOOK - Published: 1984 - Publisher:

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Exchange Rate Choices
Language: en
Pages: 46
Authors: Richard N. Cooper
Categories: Foreign exchange rates
Type: BOOK - Published: 1999 - Publisher:

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Exchange Rate Regime Choice
Language: en
Pages: 12
Authors: Mr.Robert P. Flood
Categories: Business & Economics
Type: BOOK - Published: 1991-09 - Publisher: International Monetary Fund

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Traditionally the choice of exchange rate regime has been seen as a second-best policy choice, which can be directed toward mitigating the distortionary effects