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"Exchange rate policy"
Exchange rate policy
Garrick Christian
The first papers deals with:

Exchange rates and the choice of monetary policy regimes -Fewer

monies better monies,by Rudi Dornbusch.

A century ago gold was the standard for civilization.Gradually this had

become international and countries if they were not on gold,at least

they were on sterling or the dollar.After world war one all that fell

apart in the great depression with capital controls,devaluation and

discretionary central banking.

Exchange rates and the choice of monetary policies.

After the great inflation of the 1970's,extreme monetary experiences in

most developing nations,the past 20 years have changed monetary

management fundamentally.Emerging economic trend is for

independent central banks with transparency and some inflation

target.Emerging trend is also towards monetary integration.In Europe

they have got the EMU.

In Americas progress on monetary integration is far more

haphazard.Europe and Americas independence makes political

integration an uninteresting issue.A national currency as opposed to a

hard dollar peg,is seen as an unquestioned plus for reasons to be


In Asia the discussion of monetary arrangements is picking up at the


behest of Japan.

(Eiji Ogawa and Takatoshi Ito, 2000).

Arguments against currency board arrangements

1.Sovereignty is beyond discussion because of the quality of money

and the emerging economies.

2.As far as loss of seigniorage is a critical issue for public finance but

any kind of stability-oriented monetary policy will yield some bonous

but currency boards and dollarization presumably commands the

highest bonus.

3.As far as the monetary policy is concerned,the external balance not

the local central bank will determine interest rates so this issue has

very little imporatance.

4.There is a concern about loss of the leader of last resort.

5.Another argument in questioning currency boards is fiscal

preparedness.How a discretionary monetary and exchange rate policy

can accomodate a bad fiscal situation better than a fixed rate.The

savings on debt service from lower interest rate under a currency board

should compensate for the loss of seignorage.

Exchange rate issue

Author argues that disturbance in price levels due to fixed exchange

rate could be tackled by financing.

For relative price adjustments partial...

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