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Michael D. Bordo

I. I ntroduction Exchange rate regime choice has evolved considerably in the past 100 years. At the beginning of the twentieth century the choice was obvious—join the gold standard, all the advanced countries have done it. Floating exchange rates and fiat money are only for profligate countries. At the beginning of the twenty-first century, the choice is also becoming more obvious—go to floating exchange rates, all the advanced countries have done it. 2 Moreover, in both eras, the emerging markets of the day tried to emulate the advanced countries, but in