IMF paper finds ‘robust' relationship between exchange rate flexibility and external adjustment
Study revives argument made by late economist Milton Friedman
An International Monetary Fund working paper finds a "significant and empirically robust" relationship between exchange rate flexibility and the speed of economies' external adjustment – an argument originally made by Milton Friedman.
In Friedman Redux: External Adjustment and Exchange Rate Flexibility, authors Atish Ghosh, Mahvash Saeed Qureshi and Charalambos Tsangarides construct a data set of bilateral exchange rate regimes, which differentiates by degree of flexibility, as well as by direct
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