The central European stabilization efforts of the interwar period have become the prototype for 'orthodox stabilization programs'; its components - fiscal cuts coupled with the adoption of a pegged exchange rate and external support - are often portrayed as necessary conditions for successful...

Once a popular colonial monetary arrangement, currency boards fell into disuse as countries gained political independence. But recently, currency boards have made a remarkable come-back. This essay takes a critical look at their performance. Are currency boards really a panacea for achieving low...

A large body of literature finds that exporters do not pass nominal exchange rate movements fully through to destination market prices over short time horizons. This imperfect passthrough has been widely attributed to strategic "pricing-to-market", whereby exporters deliberately accept changes...