Many countries go to great lengths to manage their exchange rates. Probably the most prominent recent example is the European Monetary Union, where all the members abandoned their national currencies and adopted the euro. A number of developing countries maintain other kinds of regimes of...

This paper studies the empirical and theoretical association between the duration of a pegged exchange rate and the cost experienced upon exiting the regime. We confirm empirically that exits from pegged exchange rate regimes during the past two decades have often been accompanied by crises, the...

The Economic Letter summarizes the papers presented at the symposium "Revived Bretton Woods System: a new paradigm for Asian development?" held at the Federal Reserve Bank of San Francisco on February 4, 2005, under the joint sponsorship of the Bank's Center for Pacific Basin Studies and the...