TY  - BOOK
AU  - Ötker,İnci
AU  - Vávra,David
TI  - Moving to greater exchange rate flexibility: operational aspects based on lessons from detailed country experiences 
SN  - 9781589066243
U1  - 332.456 OTK 
PY  - 2007///
CY  - Washington, DC
PB  - International Monetary Fund
KW  - Foreign exchange administration
KW  - Case studies
KW  - Foreign exchange rates
KW  - Monetary policy
KW  - Wisselkoersen
KW  - Monetaire politiek
KW  - Change
KW  - Cas, Études de
KW  - Taux de change
KW  - Politique monétaire
N1  - Detailed country case studies were prepared by a team of experts consisting of Luis Ahumada, Fernando Barran, Andre Minella, Zbigniew Polanski, Piotr Szpunar, Barry Topf, and David Vavra; Includes bibliographical references (p. 80-82); The overall framework and synthesis of country experiences
Overview
Country experiences with transition to greater flexibility: operational aspects underpinning durable exits
Detailed country experiences
Orderly transitions
Disorderly transitions

N2  - "Many countries moved toward more flexible exchange rate regimes over the past decade, which reflects in part the  belief that more flexible exchange rates provide a greater degree of monetary policy autonomy and flexibility in responding to external shocks, including large and volatile capital flows. There has often been a reluctance to let go of pegged exchange rates despite the benefits of flexible rates.  The extensive institutional and operational requirements needed to support a floating exchange rate as well as difficulties in assessing the right time and manner to exit tend to be additional factors in this reluctance.  This paper presents the concrete steps taken by certain countries in transitioning to greater exchange rate flexibility, with a view to elaborating on the operational ingredients that proved helpful in promoting successful and durable transitions.  It attempts to provide a better understanding of how these various operational ingredients were established and coordinated with the exits, how their implementation interacted with macro and other conditions, and how they contributed to the smoothness of the exits.  The material in this paper was originally prepared in connection with a workshop on moving to greater exchange rate flexibility conducted in Ukraine in April 2005.  The detailed case studies prepared subsequently also aimed a providing a follow-up to a discussion by the International Monetary Fund's (IMF) Executive Board in Devember 2004 on "From Fixed to Float: Operational Asoects of Moving Toward Exchange Rate Flexibility" (IMF, 2004). In concluding the discussion, Directors asked for more guidance on the sequencing and order of importance of the operational elements, backed by analysis of more specific country experiences and cross-country studies" --Pref. (v.)
ER  -