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The Case for Joint Management of Exchange Rate Flexibility

Author

Listed:
  • C. Fred Bergsten

    (Peterson Institute for International Economics)

  • Olivier Davanne

    (Conseil d'Analyse Economique)

  • Pierre Jacquet

    (Peterson Institute for International Economics)

Abstract

The succession of severe financial and exchange rate crises in recent years has given a new sense of urgency to the debate on the "international financial architecture." Given the severity of these events, it is hard to justify the claim made by some that what is really at issue is a coincidence of local, independent mistakes rationally sanctioned by investors.1 While studying the local, specific origins of each of the recent crises may provide useful insights on how to behave in today's highly interdependent international economy and how to accommodate "hot" capital flows, it is essential to focus on the systemic reasons why such crises occur as they have such severe implications.

Suggested Citation

  • C. Fred Bergsten & Olivier Davanne & Pierre Jacquet, 1999. "The Case for Joint Management of Exchange Rate Flexibility," Working Paper Series wp99-9, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp99-9
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    Cited by:

    1. Jörg Mayer, 2008. "Policy Space: What, For What, And Where?," UNCTAD Discussion Papers 191, United Nations Conference on Trade and Development.
    2. Hoarau, Jean-François, 2013. "Un modèle NATREX synthétique pour une petite économie « développée » ouverte contrainte sur les marchés internationaux de capitaux," L'Actualité Economique, Société Canadienne de Science Economique, vol. 89(4), pages 259-303, Décembre.
    3. Tony Cavoli & Ramkishen Rajan, 2003. "Exchange Rate Arrangements for East Asia Post-Crisis: Examining the Case for Open Economy Inflation Targeting," Centre for International Economic Studies Working Papers 2003-10, University of Adelaide, Centre for International Economic Studies.
    4. Hoarau, Jean-François, 2009. "L’approche microéconomique du taux de change réel d’équilibre : une revue de la littérature théorique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 85(4), pages 403-436, décembre.
    5. Thomas I. Palley, 2006. "The Fallacy of the Revised Bretton Woods Hypothesis: Why Today’s System is Unsustainable and Suggestions for a Replacement," Working Papers wp114, Political Economy Research Institute, University of Massachusetts at Amherst.
    6. Thomas I. Palley, 2006. "The Fallacy of the Revised Bretton Woods Hypothesis: Why TodayÕs International Financial System Is Unsustainable," Economics Public Policy Brief Archive ppb_85, Levy Economics Institute.
    7. Thomas Palley, 2007. "Seeking Full Employment Again:," Challenge, Taylor & Francis Journals, vol. 50(6), pages 14-50.

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