Exchange-Rate Policy for Developing Countries
回顾了发展中国家从固定汇率转向浮动汇率的趋势，指出硬盯住汇率制条件苛刻，多数新兴市场面临的问题不再是是否浮动，而是如何浮动。
According to the IMF, in the mid-1970’s approximately 85 percent of developing countries had pegged exchange-rate arrangements. Since then, the situation has changed drastically; today most developing countries have either managed floats or flexible exchange rates. Argentina, Hong-Kong, and a few others may persevere with their currency boards; additional nations may well imitate them. And movements toward common currencies, a la the European Union, may gain strength here and there. Nonetheless, it seems clear that the political and financial prerequisites to adopt such hard pegs are extremely stringent. New attempts are the exception, not the rule. The question for most emerging market economies is no longer “To float or not to float?” but “How to float?” In this note we review some key issues in defining the right answer to this question.