The mirage of floating exchange rates

摘要: This note summarizes some of the highlights my longer paper with Guillermo Calvo”Fear Floating.” Many emerging market countries have suffered financial crises. One view blames soft pegs for these Adherents to that suggest move corner solutions--hard or floating exchange rates. We analyze behavior rates, reserves, and interest rates assess whether there is evidence country practice moving toward solutions. focus on claim they are indeed doing so. find say allow their rate float mostly do not--there seems be an epidemic case “fear floating.”