The aim of this paper is to evaluate to what extent more transparency can reduce the occurrence of speculative attacks. It proposes a survey of the literature about the pros and cons of transparency on the exchange rate market, which is one of the main pillars of the new international financial...

This paper studies to what extent the diversity of exchange rate regimes within Mercosur exerts an influence on the feasibility of a monetary union in this area. A semi-structural VAR model is built for each country, including a set of international and domestic variables. Based on impulse...

Globalization is producing in-depth changes in international monetary and financial relations. A new International Monetary System is emerging, which is strongly integrated on a Worldwide scale and dominated by private financial markets. In other words, as a consequence of this globalization...

During the 90s emerging markets have been hit by recurrent exchange rate crises. Almost all these countries shared a common characteristic: they adopted in previous years soft pegs, the so-called intermediate exchange rate regimes. International institutions and academic economists interpreted...

This paper studies the choice of the exchange rate regime in emerging and developing countries. Our model extends the approach proposed by Aizenman and Hausmann [2001] in order to introduce the main determinants of the exchange rate regime choice. The model is tested with a multinomial logit...

Au cours des années 90, les régimes d'ancrage souple dans les marchés émergent ont montré leur fragilité. En effet, de nombreuses crises de change ont frappé ces régimes, laissant alors apparaître un nouveau consensus autour des solutions en coins comme seuls régimes de change viables....

During the 90s emerging markets have been hit by recurrent exchange rate crises. Almost all these countries shared a common characteristic: they adopted in previous years soft pegs, the so-called intermediate exchange rate regimes. International institutions and academic economists interpreted...