Calvo, Guillermo A.; Reinhart, Carmen - 2022
, particularly in emerging markets. One view blames fixed exchange rates-- soft pegs'--for these meltdowns. Adherents to that view … advise countries to allow their currency to float. We analyze the behavior of exchange rates, reserves, the monetary … a free or a managed float mostly resemble noncredible pegs--the so-called demise of fixed exchange rates' is a myth …