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3 8 du jure de facto Reinhart Rogoff Levy-Yeyati Sturzenegger bipolar viewhollowing out two corner solutions 1 fear of floating Fischer 2001 Eichengreen 1994 Fischer IMF de facto Fischer Ghosh Gulde Wolf 2002 IMF De Facto Classification of Exchange Rate Regimes and Monetary Policy Framework

4 1 Fischer 2001 IMF http : // 1 Fischer Eichengreen Calvo Reinhart Reinhart Rogoff Levy Yeyati Sturzenegger 2005 Ghosh Gulde Wolf Eichengreen 1994 ; p. 5 p. 5

5 Frankel 1999 ; p. 8 Frankel Williamson 2000 BBC 4 BBC Frenkel Goldstein Williamson Williamson 1985Williamson Miller 1987Williamson Henning 1994Williamson Volcker Gyohten 1992 p. 378, pp

6 Frenkel Goldstein Williamson 1985 FEER : Fundamental Equilibrium Exchange Rate 6 Williamson Williamson 1985 ; p. 14

7 Williamson Miller Cooper 1994 FEER 1 Eichengreen Krugman 1991 Williamson Henning 1994 Eichengreen 1994 ; p. 134 p. 161

8 Williamson Miller i i F E e E E 1 i i F E e E φ 2 E i i F E E e φ

9 Dominguez Frankel 1993 a Dominguez Frankel 1993 b1980 Catte Galli Rebecchini Sarno Taylor 2001 Taylor Reinhart Rogoff Obstfeld Shambaugh Taylor

10 Krugman 1979 Flood Garber Obstfeld 1986 Obstfeld fear of pegging 12 Summers Levy-Yeyati Sturzenegger 2001 ; p.83

11 13 1 Tobin Vol. 54, No. 2, 4 pp Calvo, G. A. and C. M. Reinhart 2002, Fear of Floating, Quarterly Journal of Economics, Vol. 117, No. 2, May : Catte, P., G. Galli, and S. Rebecchini 1994, Concerted Interventions and the Dollar : an Analysis of Daily Data, in Kenen, P. B., F. Papadia, and F. Saccomanni eds., The International Monetary System, Cambridge University Press. Cooper, R. N. 1994, Comment, in Kenen, P. B. ed., Managing the World Economy : Fifty Years after Bretton Woods, Institute for International Economics. Dominguez, K. M. and J. A. Frankel 1993 a, Does Foreign Exchange Intervention Work?, Institute for International Economics. Dominguez, K. M. and J. A. Frankel 1993 b, Does Foreign-Exchange Intervention Matter? : The Portfolio Effect, American Economic Review, Vol. 83, No. 5, De- Obstfeld Rogoff 1995 ; p. 93

12 cember : Eichengreen, B. 1994, International Monetary Arrangements for the 21 st Century, The Brookings Institution Fischer, S. 2001, Exchange Rate Regimes : Is the Bipolar View CorrectJournal of Economic Perspectives, Vol. 15, No. 2, Spring : Flood, R. P.andP.M.Garber 1984, Collapsing Exchange-Rate Regimes : Some Linear Examples, Journal of International Economics, Vol. 17, No. 1/2, August : Frankel, J. A. 1999, No Single Currency Regime Is Right for All Countries or at All Times, Essays in International Finance, No. 215, Princeton University. Frenkel, J. A. and M. Goldstein 1986, A Guide to Target Zones, IMF Staff Papers, Vol. 33, No. 4, December : Ghosh, A. R., A. M. Gulde, and H. C. Wolf 2002, Exchange Rate Regimes : Choices and Consequences, The MIT Press. Krugman, P. 1979, A Model of Balance-of-Payments Crises, Journal of Money, Credit, and Banking, Vol. 11, No. 3, August : Krugman, P.R. 1991, Target Zones and Exchange Rate Dynamics, Quarterly Journal of Economics, Vol. 106, No. 3, August : Levy-Yeyati, E. and F. Sturzenegger 2001, Exchange Rate Regimes and Economic Performance, IMF Staff Papers, Vol. 47, Special Issue : Levy-Yeyati, E. and F. Sturzenegger 2005, Classifying Exchane Rate Regimes : Deeds vs. Words, European Economic Review, Vol. 49, No. 6, August : Obstfeld, M. 1986, Rational and Self-Fulfilling Balance-of-Payments Crises, American Economic Review, Vol. 76, No. 1, March : Obstfeld, M. 1996, Models of Currency Crises with Self-Fulfilling Features, European Economic Review, Vol. 40, No. 3 5, April : Obstfeld, M. and K. Rogoff 1995, The Mirage offixedexchange Rates, Journal of Economic Perspectives, Vol. 9, No. 4, Fall : Obstfeld, M., J. C. Shambaugh, and A. M. Taylor 2005, The Trilemma in History : Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility, Review of Economics and Statistics, Vol. 87, No. 3, August : Reinhart, C. M. and K. S. Rogoff 2004, The Modern History of Exchange Rate Ar-

13 rangements : A Reinterpretation, Quarterly Journal of Economics, Vol. 119, No. 1, February : Sarno, L. and M. P.Taylor 2001, Official Intervention in the Foreign Exchange Market : Is It Effective and, If So, How Does It Work? Journal of Economic Literature, Vol. 39, No. 3, September : Summers, L. H. 2000, International Financial Crises : Causes, Prevention, and Cures, American Economic Review, Vol. 90, No. 2, May : Taylor, M. P. 2004, Is Official Exchange Rate Intervention Effective? Economica, Vol. 71, No. 281, February : Tobin, J. 1978, A Proposal for International Monetary Reform, Eastern Economic Journal, Vol. 4, No. 3/4, July/October : Volcker, P. and T. Gyohten 1992, Changing Fortunes, Times Books 1992 Williamson, J. 1985, The Exchange Rate System, 2nd ed., Institute for International Economics. Williamson, J. 2000, Exchange Rate Regimes for Emerging Markets : Reviving the Intermediate Option, Institute for International Economics Williamson, J. 2002, The Evolution of Thought on Intermediate Exchange Rate Regimes, The Annals of the American Academy of Political and Social Science Williamson, J. and C.R. Henning 1994, Managing the Monetary System, in Kenen, P. B. ed., Managing the World Economy : Fifty Years after Bretton Woods, Institute for International Economics. Williamson, J. and M. H. Miller 1987, Targets and Indicators : A Blueprint for the International Coordination of Economic Policy, Institute for International Economics

Abstract IFS IFS 135

Abstract IFS IFS 135 International Financial Statistics Exchange Arrangements and Exchange Restrictions 136 137 International Financial 138 Exchange Arrangements and Exchange Restrictions International