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Monetary History, Exchange Rates and Financial Markets

Essays in Honour of Charles Goodhart, Volume Two

Edited by Paul Mizen

Monetary History, Exchange Rates and Financial Markets is an impressive collection of original papers in honour of Charles Goodhart’s outstanding contribution to monetary economics and policy. Charles Goodhart has written extensively on many of these topics and has become synonymous with his field; the chapters within this book offer a summary of current thinking on his own research subjects and include perspectives on controversies surrounding them.
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Jose Viñals


of ‘Exchange rate regimes in theory and practice’ Jose Viñals The chapter by Andrew Crockett provides a very fine blend of the theoretical and practical issues surrounding a question which in the past has been very controversial and which is likely to remain so in the future: the choice of exchange rate regime. The chapter not only provides a very comprehensive and well-structured review of the subject but also advances interesting ideas. The author is quite right when he states that concerning the choice of exchange rate regime strong opinions are expressed often based on weak theory. Yet it has to be recognized that this is due to the fact that we lack a sound micro-theoretic basis to assess the benefits and costs of alternative exchange rate regimes. Thus the most that can be done at this stage is to go the way the author went in his chapter: to identify a few key guideposts that can help us to better understand this thorny question by bringing together general economic principles and the lessons from the international experience with alternative exchange rate regimes. Another point worth making is that while the chapter studies the choice of regime mainly from a country perspective, it is clear that the exchange rate regime is a key piece of the international financial architecture with significant implications, for example, for the degree of vulnerability of countries to crises, the incentives to promote an environment of free capital flows or the need to...

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