Klein, Michael W.; Shambaugh, Jay C. - In: Journal of International Economics 75 (2008) 1, pp. 70-92
The impermanence of fixed exchange rates has become a stylized fact in international finance. The combination of the "mirage" view that pegs do not really peg with the "fear of floating" view that floats do not really float generates the conclusion that exchange rate regimes are, in practice,...