Are Emerging Market Countries Learning to Float? [electronic resource] / Dalia Hakura.
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TextSeries: IMF Working Papers; Working Paper ; No. 05/98Publication details: Washington, D.C. : International Monetary Fund, 2005Description: 1 online resource (34 p.)ISBN: 1451861176 :ISSN: 1018-5941Subject(s): Exchange Rate Regimes | Exchange Rate | Financial Liberalization | Flexible Exchange Rate Regimes | Flexible Exchange Rate | International Monetary Arrangements and Institutions | Egypt | India | Philippines | South Africa | ThailandAdditional physical formats: Print Version:: Are Emerging Market Countries Learning to Float?Online resources: IMF e-Library | IMF Book Store Abstract: The paper finds that exchange rate flexibility in emerging market countries has increased over the past decade. This "learning to float" appears to have involved a strengthening of monetary and financial policy frameworks aimed at directly addressing the key vulnerabilities that give rise to the "fear of floating." The results in the paper suggest that the trend toward greater exchange rate flexibility, alongside a strengthening of banking supervision, has afforded emerging market countries more monetary policy independence.
The paper finds that exchange rate flexibility in emerging market countries has increased over the past decade. This "learning to float" appears to have involved a strengthening of monetary and financial policy frameworks aimed at directly addressing the key vulnerabilities that give rise to the "fear of floating." The results in the paper suggest that the trend toward greater exchange rate flexibility, alongside a strengthening of banking supervision, has afforded emerging market countries more monetary policy independence.
Description based on print version record.
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