Security of hard pegs ‘illusory', IMF economists find
Macroeconomic and financial vulnerabilities are "significantly greater" under less flexible currency regimes than under pure or managed floats, according to the latest paper from International Monetary Fund economists Atish Ghosh, Jonathan Ostry and Mahvash Qureshi.
In their paper Exchange Rate Management and Crisis Susceptibility: A Reassessment, the authors revisit the "bipolar prescription for exchange-rate regime choice" and ask whether the poles of hard pegs and pure floats are safer than
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