On July 21, China slightly revalued the Renminbi and officially modified the exchange rate regime. Interpreting this move as only the outcome of international pressures to reduce international trade imbalances is however misleading. To support our argument, we explore the rationale of the July...

Most developing and transition countries have adopted a mixed strategy in the management of their exchange rate. This article provides an indicator that measures the trade-off between nominal anchor and real target strategies. The relevance of the indicator is assessed for the cases of Poland...