Are Emerging Market Countries Learning to Float?

May 1, 2005

Preview Citation

Format: Chicago

Dalia S Hakura. Are Emerging Market Countries Learning to Float?, (USA: International Monetary Fund, 2005) accessed November 23, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

The paper finds that exchange rate flexibility in emerging market countries has increased over the past decade. This "learning to float" appears to have involved a strengthening of monetary and financial policy frameworks aimed at directly addressing the key vulnerabilities that give rise to the "fear of floating." The results in the paper suggest that the trend toward greater exchange rate flexibility, alongside a strengthening of banking supervision, has afforded emerging market countries more monetary policy independence.

Subject: Bank supervision, Exchange rate arrangements, Exchange rate flexibility, Exchange rates, Monetary policy frameworks

Keywords: Country, Emerging market, Exchange rate, Exchange rate regime, Monetary policy, WP

Publication Details

Pages:

34
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2005/098
Stock No:

WPIEA2005098
ISBN:

9781451861174
ISSN:

1018-5941

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