World Economics - Insight , Analysis and Data

World Economics - Insight , Analysis and Data
Exchange Rate Regimes
Vijay Joshi
World Economics, December 2003

This paper argues that (a) for many developing countries, the optimal external payments regime would be a combination of an intermediate exchange rate with capital controls and (b) the policy stance and advice of the IMF should reflect this judgement. The paper uses India as a case study to illustrate its argument.
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