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Lecture Exchange Rate Pol

Lecture Exchange Rate Pol

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Published by Venkatesh Swamy

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Published by: Venkatesh Swamy on Dec 22, 2009
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KINGSTON UNIVERSITY, LONDONSCHOOL OF ECONOMICSMonetary Economicsin Developing Countries (FE3178), 2009-2010Exchange rate policy
Exchange rate policy
A country’s choice of exchange rate regime is animportant subject of debate at the theoretical, empirical,and policy levels.
The main options available to countries choosing aflexible exchange rate policy are dealt with inChapter 8.
Here we explain fixed exchange rate regimes and other selected exchange rate policy issues.
Does the exchange rate matter?
That is a basic but relevant question.Explaining the link between a country’s choice of exchange rate regime and its economic performance isdifficult.In this regard, Razin and Rubinstein (2006) note thatthere are two puzzles in international macroeconomics.One directly relevant to this Chapter’s focus is that thereis no systematic difference in macroeconomic performance across countries operating differentexchange rate regimes.

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