Kicking the Habit: Moving from Pegged Rates to Greater Exchange Rate Flexibility
探讨政府为何难以从固定汇率转向更大汇率灵活性，分析国际环境变化带来的激励，并提出最大化平稳过渡概率的实用建议与框架。
Why do governments find it so difficult to move from pegged exchange rates to greater exchange rate flexibility? I first establish that there is a problem to be solved: that there are powerful incentives for greater flexibility deriving from changes in the international economic and financial environment but that policymakers find it difficult to engineer a smooth transition. I offer practical suggestions and a framework under which the probability of a smooth transition can be maximised. Drawing examples from recent economic history, I then attempt to understand the experience of selected countries which have undertaken this transition.