Front Matter

Front Matter

Andrew Berg, Paolo Mauro, Michael Mussa, Alexander Swoboda, Esteban Jadresic, and Paul Masson
Published Date:
August 2000
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    © 2000 International Monetary Fund

    Production: IMF Graphics Section

    Typesetting: Jack Federici

    Figures: Theodore F. Peters, Jr.

    Library of Congress Cataloging-in-Publication Data

    Exchange rate regimes in an increasingly integrated world economy /

    Michael Mussa … [et al.].

    p. cm. — (Occasional paper; 193)

    Includes bibliographical references.

    ISBN 1-55775-892-1

    1. Foreign exchange. 2. Foreign exchange administration.

    3. International economic relations. 1. Mussa, Michael. II. International

    Monetary Fund. III. Occasional paper (International Monetary Fund);

    no. 193.

    HG3851 .E92 2000



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    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • – between years or months (e.g., 1994–95 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1994/95) to indicate a fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


    The exchange and payments crises of the 1990s, the general increase in capital mobility, and the boom-bust character of capital flows to developing countries raise anew the issue of appropriate exchange rate arrangements. This was recognized in the communiqué of the Interim Committee of the Board of Governors of the IMF of April 27, 1999, which asked the Executive Board “to consider further the issue of appropriate exchange rate arrangements, including in the context of large-scale official financing” (IMF, Press Release No. 99/15, p. 3). Responding to that request, this paper examines the consequences of heightened capital mobility and of the integration of developing economies in increasingly globalized goods and financial markets for the exchange rate regimes both of the world’s major currencies and of developing and transition countries.

    This paper builds upon previous studies prepared by IMF staff on various aspects of the exchange rate arrangements of IMF member countries, consistent with the IMF’s role of surveillance over members’ exchange rate policies and over the international monetary system. It has benefited from wide-ranging discussion at the Executive Board, as well as detailed comments from First Deputy Managing Director Stanley Fischer and other members of IMF management and staff. The views expressed in this paper are those of the authors and do not necessarily represent the views of Executive Directors or other members of IMF staff.

    The authors are grateful to Freyan Panthaki and Haiyan Shi for research assistance and to Nahid Mejid and Maria Orihuela for secretarial assistance. Jaqueline Irving of the External Relations Department edited the paper, and Martha Bonilla and Gail Berre coordinated its production.

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