This paper examines the relevance of the monetary approach for exchange rate behaviour in India, unde rthe managed float regime. It finds supprot for purchaisng power parity in traded goods and that the monetary approach provdies a reasonable description of exchange rate behaviour in the period...

In this paper we examine the stability of the real exchange rate and the macroeconomic effects of alternative exchange-rate regimes, including currency union, on real exchange-rate behaviour. We focus on the Irish punt in order to exploit its diversity of experience over different nominal...

Before the 1997-98 crisis, the East Asian economies—except for Japan—informally pegged their currencies to the dollar. These soft pegs made them vulnerable to a depreciating yen thereby aggravating the crisis. To limit future misalignments, the IMF wants East Asian currencies to float...