Too Sensational: On the Choice of Exchange Rate Regimes.
基于Corden的讲座，系统分析了发展中国家在资本高度流动背景下如何选择汇率制度，梳理了名义锚、实际目标和汇率稳定三种分析框架，适合对汇率政策感兴趣的经济学者阅读。
Max Corden has expanded substantially the Ohlin Memorial Lectures that he gave at the Stockholm School of Economics in September 2000. The result is a self‐contained, beautifully crafted analysis of the choice of exchange rate regimes for developing countries, particularly those where international capital mobility is significant. This is vintage Corden: lucid and concise presentation of the key theoretical building blocks, application of those building blocks to shed light on the major policy issues at hand, and review of the most relevant country case studies for policy lessons – all very readable and dispensed with uncommon judgement. After an introductory chapter that takes the reader on a brief tour of the evolution of exchange rate regimes (from the gold standard to managed floating), the author lays out three distinct approaches to exchange rate and monetary policy, namely, the nominal anchor approach, the real targets approach, and the exchange rate stability approach. The nominal anchor approach focuses on the mechanisms and institutions designed to deliver a low rate of inflation – be it fixing the exchange rate to an anchor currency, or adopting an inflation targeting framework for monetary policy under a floating exchange rate. Under the real targets approach, monetary and exchange rate policy are directed at a real target – namely real output or employment; the emphasis here is on how the currency regime influences the country's ‘competitiveness’ and its ability to achieve internal balance. Finally, the exchange rate stability approach compares regimes on short‐run volatility of exchange rates and related transaction costs. Corden argues persuasively that actual regime choice needs to take all three approaches into account.