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Economic and Financial Crises in Emerging Market Economies$
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Martin Feldstein

Print publication date: 2003

Print ISBN-13: 9780226241098

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226241104.001.0001

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Exchange Rate Regimes

Exchange Rate Regimes

(p.31) 1 Exchange Rate Regimes
Economic and Financial Crises in Emerging Market Economies

Sebastian Edwards

Domingo F. Cavallo

Arminio Fraga

Jacob A. Frenkel

University of Chicago Press

This chapter analyzes the relationship between exchange rate regimes, capital flows, and currency crises in emerging economies in the context of the implementation of a new financial architecture. It evaluates some proposals for reform of the international financial architecture that focus on exchange rate regimes and capital mobility. This chapter also examines the effectiveness of capital controls as a crisis prevention device and evaluates whether emerging markets can adapt to super-fixed or freely floating exchange rate system.

Keywords:   exchange rate system, capital flows, currency crises, international financial architecture, capital mobility, capital controls, crisis prevention, emerging markets

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