Exchange Rate Regimes in an Increasingly Integrated World Economy

By: Michael Mussa and Paul Masson and Alexander Swoboda and Esteban Jadresic and Paolo Mauro and Andrew Berg

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Synopsis: This paper builds upon previous International Monetary Fund (IMF) studies on various aspects of the exchange rate arrangements of IMF member countries consistent with the IMF's role of surveillance of members' exchange rate policies and over the international monetary system. The paper examines the consequences of increased capital mobility and of the integration of developing economies in globalised goods and financial markets for the exchange rate regimes both of the world's major currencies and of developing and transition countries.