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Bringing about realistic exchange rates : a post-Asian Financial Crisis perspectiveExchange rate regimes and macroeconomic stability
Document TypeBook chapter
PublisherKluwer Academic Publishers
AbstractThis chapter argues that both fixed exchange rates and floating exchange rates can lead us to currency crises, as the host currency may be too strong or the floating currency may itself become too strong. What is needed is “realistic exchange rates” that are compatible with full employment and external balance. This chapter attempts to define the concept and to offer a mechanism for approximating realistic exchange rates operationally.
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Additional InformationISBN of the source publication: 9781461353652
Citation InformationHo, L. S. (2003). Bringing about realistic exchange rates: A post-Asian financial crisis perspective. In L. S. Ho & C. H. Yuen (Eds.), Exchange rate regimes and macroeconomic stability (pp. 133-144). Boston: Kluwer Academic Publishers.