Aizenman, Joshua; Glick, Reuven - Federal Reserve Bank of San Francisco - 2005
in 2002.
Eichengreen (1999), documenting the absence of an exit strategy from fixed exchange rates for
many countries …, concludes: “…exits from pegged exchange rates have not occurred under
favorable circumstances. They have not had happy results … exchange rates ended in an exit, defined as a move to a more flexible exchange rate
regime.
2
Of these 63 episodes, 32 are …