Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/3859
Authors: 
Siebert, Horst
Year of Publication: 
2006
Series/Report no.: 
Kiel Working Paper 1288
Abstract: 
This paper analyzes institutional arrangements for exchange rate systems and reviews what we know. It looks at the foreign exchange market, different balance of payment situations in which countries find themselves and the necessary exchange rate adjustments. It studies the options that are available to countries in choosing their exchange rate system (type of nominal anchor, nominal anchor versus real target and the degree of sovereignty to be given up) and reviews the historical experience for multilateral options. The actual system is a fragile low-inflation central bank dominated arrangement. Options for the future rest on quite a few idealistic ideas. In addition to choosing the exchange rate system, adopting the right exchange rate is also addressed.
Subjects: 
Balance of payments situations
External and internal equilibrium
Choosing the exchange rate system
Exchange rate systems
JEL: 
E42
F31
F32
E
F33
E5
E58
E61
Document Type: 
Working Paper

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