Exchange Rate Regimes Fixed, Flexible or Something in Between?
This book explores the exchange rate regime choice and the role played by the exchange rate in the economy. Approaching the classification of exchange rate regimes from theoretical, practical and historical perspectives, the book discusses pertinent case
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Also by Imad A. Moosa INTERNATIONAL PARITY CONDITIONS: Theory, Econometric Testing and Empirical Evidence (with R.H. Bhatti) EXCHANGE RATE FORECASTING: Techniques and Applications FOREIGN DIRECT INVESTMENT: Theory, Evidence and Practice INTERNATIONAL FINANCIAL OPERATIONS: Arbitrage, Hedging, Speculation, Financing and Investment INTERNATIONAL FINANCE: An Analytical Approach
Exchange Rate Regimes Fixed, flexible or something in-between? Imad A. Moosa
' Imad A. Moosa 2005 Softcover reprint of the hardcover 1st edition 2005 978-1-4039-3672-1 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1T 4LP. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2005 by PALGRAVE MACMILLAN Houndmills, Basingstoke, Hampshire RG21 6XS and 175 Fifth Avenue, New York, N.Y. 10010 Companies and representatives throughout the world PALGRAVE MACMILLAN is the global academic imprint of the Palgrave Macmillan division of St. Martin’s Press, LLC and of Palgrave Macmillan Ltd. Macmillanfi is a registered trademark in the United States, United Kingdom and other countries. Palgrave is a registered trademark in the European Union and other countries.
ISBN 978-1-349-51885-2 DOI 10.1057/9780230504424
ISBN 978-0-230-50442-4 (eBook)
This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. A catalogue record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data Moosa, Imad A. Exchange rate regimes : fixed, flexible or something in between? / Imad A. Moosa. p. cm. Includes bibliographical references and index. 1. Foreign exchange. 2. Foreign exchange rates. I. Title. HG3851.M665 2005 332.40 5dc22 2004060799 10 9 8 7 14 13 12 11
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To Nisreen and Danny
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Contents
List of Tables
x
List of Figures
xi
Preface
xiv
List of Abbreviations
1
2
3
xvii
Background and Overview
1
Introduction The concept of the exchange rate Exchange rate volatility and misalignment Patterns of exchange rate regime choice The verdict (in advance)
1 6 11 21 27
The Role of the Exchange Rate in the Economy
29
Macroeconomic linkages through exchange rates Exchange rate fluctuations as a source of risk and uncertainty The balance of payments and the exchange rate Central bank intervention in the foreign exchange market Multiple exchange rates Black foreign exchange
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