ISBN-10:
0262532697
ISBN-13:
9780262532693
Pub. Date:
08/20/2004
Publisher:
MIT Press
Too Sensational: On the Choice of Exchange Rate Regimes

Too Sensational: On the Choice of Exchange Rate Regimes

by W. Max Corden, David Domeij

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Product Details

ISBN-13: 9780262532693
Publisher: MIT Press
Publication date: 08/20/2004
Series: Ohlin Lectures
Edition description: New Edition
Pages: 215
Product dimensions: 6.00(w) x 9.00(h) x 0.75(d)
Age Range: 18 Years

About the Author

W. Max Corden is Emeritus Professor of International Economics at the Paul H. Nitze School of Advanced International Studies at Johns Hopkins University and Professional Fellow in the Department of Economics at the University of Melbourne, Australia.

Table of Contents

"Too Sensational"ix
Prefacexi
1Introduction1
2A Long History9
3Two Regimes and Three Approaches21
4The Fixed-But-Adjustable Exchange Rate Regime41
5In-Between Regimes61
6The Real Targets Approach: A Diagrammatic Interlude83
7What Role for Fiscal Policy?95
8Contractionary Devaluation and Unhedged Foreign-Currency-Denominated Borrowing117
9Openness and the Size of the Economy: How Do They Affect Regime Choice?133
10Lessons from Latin America: Chile, Brazil, Mexico155
11Argentina's Great Currency Board Experiment179
12Lessons from Asia195
13Lessons from Europe227
14The Exchange Rate Regime: Too Sensational, Hollowed Out, Unimportant245
Bibliography261
Index271

What People are Saying About This

Barry Eichengreen

If anyone can make sense of the debate over the choice of exchange rate regime, Max Corden can. Transparency of argument and comprehensiveness of treatment, two Corden trademarks, are amply in evidence here. Not everyone will agree with his conclusion that the exchange-rate spectrum is being hollowed out, leaving hard pegs and managed floats as the only viable alternatives—although I for one find the case fully convincing. But any economist or policy maker seeking to understand the issues will want to take a long look at this book.

From the Publisher

If anyone can make sense of the debate over the choice of exchange rate regime, Max Corden can. Transparency of argument and comprehensiveness of treatment, two Corden trademarks, are amply in evidence here. Not everyone will agree with his conclusion that the exchange-rate spectrum is being hollowed out, leaving hard pegs and managed floats as the only viable alternatives—although I for one find the case fully convincing. But any economist or policy maker seeking to understand the issues will want to take a long look at this book.

Barry Eichengreen, University of California, Berkeley

Choosing an appropriate exchange rate policy is one of the most important and one of the most vexing decisions each country must make. Max Corden provides a superb treatment of the many issues and complex considerations that are involved in making a rational choice—and of the risks involved in any particular choice—drawing on both careful economic reasoning and experience garnered from around the world.

Richard N. Cooper, Boas Professor of International Economics, Harvard University

This is a terrific book! It is very well written and provides a lucid and comprehensive analysis of exchange rate policy options. The theory is sound and the case studies are very insightful. Every chapter is full of lessons for policy makers, central bankers, and international investors. This volume will become an instant classic; it should be read by academics as well as by practitioners.

Sebastian Edwards, Henry Ford II Professor of International Economics, University of California, Los Angeles

Endorsement

This is a terrific book! It is very well written and provides a lucid and comprehensive analysis of exchange rate policy options. The theory is sound and the case studies are very insightful. Every chapter is full of lessons for policy makers, central bankers, and international investors. This volume will become an instant classic; it should be read by academics as well as by practitioners.

Sebastian Edwards, Henry Ford II Professor of International Economics, University of California, Los Angeles

Sebastian Edwards

This is a terrific book! It is very well written and provides a lucid and comprehensive analysis of exchange rate policy options. The theory is sound and the case studies are very insightful. Every chapter is full of lessons for policy makers, central bankers, and international investors. This volume will become an instant classic; it should be read by academics as well as by practitioners.

Richard N. Cooper

Choosing an appropriate exchange rate policy is one of the most important and one of the most vexing decisions each country must make. Max Corden provides a superb treatment of the many issues and complex considerations that are involved in making a rational choice—and of the risks involved in any particular choice—drawing on both careful economic reasoning and experience garnered from around the world.

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