Andrew Rose, 01 September 2010

Exchange rates may be one of a country's most important asset prices, and as such worthy of increased scholarly attention, argues Andrew Rose in CEPR Discussion Paper 7987. The paper presents a critical review of Klein and Shambaugh's new book, Exchange Rate Regimes in the Modern Era, and explores the theoretical and empirical challenges of comparing exchange rate regimes.

James Walsh, Gaston Gelos, Robert Rennhack, S. Pelin Berkman, 28 March 2010

Despite the global reach of the financial crisis, some countries fared better than others. This column argues that this was due to differences in trade or financial openness, underlying vulnerabilities to external forces, or the strength of their economic policies.

Menzie Chinn, Shang-Jin Wei, 01 December 2008

This column examines whether the pace at which a country’s current account balance adjusts to its average value depends upon the exchange rate regime. The benefits of exchange rate flexibility for current account adjustment are found to be greatly exaggerated. By some measures, a fixed exchange rate facilitates faster adjustment.

Jeffrey Frankel, Shang-Jin Wei, 23 April 2007

The authors of CEPR DP6264 analyse the precise nature of China's exchange rate regime from July 2005 to early 2007 and make some surprising discoveries.

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