Front Matter

Front Matter

Barry Eichengreen, Inci Ötker, A. Hamann, Esteban Jadresic, R. Johnston, Hugh Bredenkamp, and Paul Masson
Published Date:
August 1998
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    © 1998 International Monetary Fund

    Production: IMF Graphics Section

    Figures: Sanaa Elaroussi

    Typesetting: Choon Lee

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    Exit strategies : policy options for countries seeking greater exchange rale flexibility / by a staff team led by Barry Eichengreen and Paul Masson with Hugh Bredenkamp … [et al.j. – Washington DC : International Monetary Fund, 1998

    p. cm. – (Occasional paper, ISSN 0251-6365 ; 168) Includes bibliographical references. ISBN 1-55775-734-8

    1. Foreign exchange rales – Developing countries. 2, Foreign exchange rates. 3. Monetary policy, 4, Fiscal policy. I. Eichengreen. Barry J. II. Masson. Paul R. 111. Bredetikamp. Hugh. IV. International Monetary Fund. V. Occasional paper (International Monetary Fund); no. 168. HG3877.E94 1998

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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 digil 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 crop or 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.


    Consistent with the IMF’s role of surveillance over the international monetary system, the IMF has periodically undertaken studies of various aspects of the exchange rate arrangements of its members. The present paper studies possible reasons for and methods of moving to greater exchange rate flexibility with a minimum of disruption to financial markets and economic activity, especially with reference to the economic policy regimes of developing and emerging market economies. The paper was prepared in response to widespread interest in the IMF’s Executive Board in considering ways to ease the transition to greater exchange rate flexibility, at least for those countries in which the balance of costs and benefits had shifted toward the latter.

    The paper has benefited from a wide-ranging discussion at the Executive Board, as well as detailed drafting suggestions from Stanley Fischer, Michael Mussa, 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 Kirsten Fitchett, Stacy Maynes, and Freyan Panthaki for research assistance and to Nahid Mejid for help in typing many drafts. Esha Ray of the External Relations Department edited the paper and coordinated its production.

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