The paper argues that the reason real world fixed exchange rate regimes usually have finite bands instead of completely fixed exchange rates between realignments is that exchange rate bands, counter to the textbook result, give central banks some monetary independence, even with free...

Im Jahr 2000 haben die Staatschefs der ECOWAS die Schaffung einer westafrikanischen Währungsunion in zwei Phasen beschlossen: nach den UMOA-Ländern sollen ab Juli 2005 die Länder mit einer eigenen nationalen Währung der Währungsunion folgen. Die wirtschaftswissenschaftliche,...

Evidence suggests there is a strong tendency among states to choose fixed exchange rates. Yet he interpretation of fixed exchange rates as a monetary policy rule remains unconvincing. Adopting an endogenous policy perspective, this paper argues that political-support maximizing governments...

This book combines currency matters with competitiveness considerations, with a view to raising the understanding of exchange rate dynamics and to analysing the role of exchange rates in reinforcing economic competitiveness