Too Sensational - On the Choice of Exchange Rate Regimes

``Too Sensational'' ix Preface xi Introduction 1(8) A Long History 9(12) Two Regimes and Three Approaches 21(20) The Fixed-But-Adjustable Exchange Rate Regime 41(20) In-Between Regimes 61(22) The Real Targets Approach: A Diagrammatic Interlude 83(12) What Role for Fiscal Policy? 95(22) Contractionary Devaluation and Unhedged Foreign-Currency-Denominated Borrowing 117(16) Openness and the Size of the Economy: How Do They Affect Regime Choice? 133(22) Lessons from Latin America: Chile, Brazil, Mexico 155(24) Argentina's Great Currency Board Experiment 179(16) Lessons from Asia 195(32) Lessons from Europe 227(18) The Exchange Rate Regime: Too Sensational, Hollowed Out, Unimportant 245(16) Bibliography 261(10) Index 271