Fear of Floating
许多新兴市场国家声称实行浮动汇率，但实际行为显示它们并未真正浮动，存在普遍的“害怕浮动”现象。本文通过分析汇率、储备和利率行为来验证这一观点。
Many emerging market countries have suffered financial crises. One view blames soft pegs for these crises. Adherents of this view suggest that countries move to corner solutions—hard pegs or floating exchange rates. We analyze the behavior of exchange rates, reserves, and interest rates to assess whether there is evidence that country practice is moving toward corner solutions. We focus on whether countries that claim they are floating are indeed doing so. We find that countries that say they allow their exchange rate to float mostly do not—there seems to be an epidemic case of "fear of floating."