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1 2 1971 1973 1999 1997 2 IMF 1

1 2 3 1 4 1 2 5 6 1 2 7 IMF http : //www.imf.org/external/np/mfd/er/2006/eng/0706. htm

8 du jure de facto Reinhart Rogoff 20041946 2001 153 Levy-Yeyati Sturzenegger 20051974 2000 183 2 2 1 bipolar viewhollowing out two corner solutions 1 fear of floating Fischer 2001 Eichengreen 1994 Fischer 2001 3 IMF de facto 3 1278 3456Fischer 1991 1999 Ghosh Gulde Wolf 2002 IMF De Facto Classification of Exchange Rate Regimes and Monetary Policy Framework

1 Fischer 2001 IMF http : //www.imf.org/external/np/mfd/er/2006/eng/0706.htm 1 Fischer 2001 2006 7 1999 2006 Eichengreen 1994 21 3 Calvo Reinhart 2002 1970 99 Reinhart Rogoff 20041991 2001 30 10 Levy Yeyati Sturzenegger 2005 Ghosh Gulde Wolf 2002 1 2006 76 Eichengreen 1994 ; p. 5 p. 5

25 51 3 Frankel 1999 ; p. 8 Frankel Williamson 2000 BBC 4 BBC Frenkel Goldstein 1986 5 Williamson Williamson 1985Williamson Miller 1987Williamson Henning 1994Williamson 2002 1987 2 Volcker Gyohten 1992 p. 378, pp. 386 388

1 23 4 Frenkel Goldstein 1986 1 2 3 3 3Williamson 1985 FEER : Fundamental Equilibrium Exchange Rate 6 Williamson Williamson 1985 ; p. 14

2000 7 Williamson Miller 1987 8 Cooper 1994 FEER 1 Eichengreen 9 4 2 1 2 Krugman 1991 Williamson Henning 1994 Eichengreen 1994 ; p. 134 p. 161

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 1 2 10 2007 5

Dominguez Frankel 1993 a Dominguez Frankel 1993 b1980 Catte Galli Rebecchini 1994 1985 1991 Sarno Taylor 2001 Taylor 20041985 1998 2003 3 3 2 1 Reinhart Rogoff 20041990 Obstfeld Shambaugh Taylor 2005 1870 1914 1959 1970

1973 2000 3 1 2 1 Krugman 1979 Flood Garber 1984 2 Obstfeld 1986 Obstfeld 1996 11 1 2 fear of pegging 12 Summers 2000 5 1998 Levy-Yeyati Sturzenegger 2001 ; p.83

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