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Exchange Rates in a World of Capital MobilityFinancial Times, London All exchange rate regimes create difficulties. But, painful experience has now reinforced the theoretical presumption against adjustable pegs in a world of capital account convertibility. Liberalization of the capital account has forced countries away from the middle ground toward the polar option of free-floating exchange rates, with monetary autonomy, or hard pegs, without it.
The ANNALS of the American Academy of Political and Social Science, Vol. 579, No. 1,
38-52 (2002) This article has been cited by other articles:
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