Jump to ContentJump to Main Navigation
Progress and ConfusionThe State of Macroeconomic Policy$
Users without a subscription are not able to see the full content.

Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers

Print publication date: 2016

Print ISBN-13: 9780262034623

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034623.001.0001

Show Summary Details
Page of

PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 24 September 2021

Floating Exchange Rates, Self-Oriented Policies, and Limits to Economic Integration

Floating Exchange Rates, Self-Oriented Policies, and Limits to Economic Integration

Chapter:
(p.213) 21 Floating Exchange Rates, Self-Oriented Policies, and Limits to Economic Integration
Source:
Progress and Confusion
Author(s):

Maurice Obstfeld

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262034623.003.0021

This chapter revisits the system of flexible exchange rates that emerged following Bretton Woods. The very success of floating rates in promoting real and financial integration is now spurring efforts to reintroduce elements of market segmentation. Flexible exchange rates does not fully insulate domestic financial sectors from the global financial cycle and policy spillovers. In this context, capital controls can be considered a second-best option; macroprudential policies would be preferable but it is unclear whether they can be deployed effectively.

Keywords:   exchange rates, market segmentation, capital controls, policy spillovers, global financial cycle

MIT Press Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.