China’s currency policy is one of the most hotly debated subjects in recent international monetary history. This chapter sets out the current legal framework at the International Monetary Fund (“IMF” or “Fund”) governing its members’ exchange rate policies, and the global system of...

The Collapse of Exchange Rate Regimes: Causes, Consequences and Policy Responses is an international treatment of the antecedents and repercussions of speculative attacks and currency crises. It provides both a broad overview of the subject as well as a specific look at the crises affecting...

Exchange rate regime choice is not exogenous, but it depends on the structural, political and financial features of countries. However, it is often the case that the regime actually pursued and the one that is imposed by country features do not match one to one. The existing empirical crisis...

What determines the currency to which countries peg or ""anchor"" their exchange rate? Data for over 100 countries between 1980 and 1998 reveal that trade network externalities are a key determinant. This implies that anchor currency choice may well be suboptimal in that certain currencies,...

This paper provides evidence on the susceptibility of different types of exchange rate regimes to currency crises during 1990-2001. It explores the incidence of crises, identified as episodes of severe exchange market pressure, to seek evidence on whether pegged regimes are more crisis prone...