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In a world of increasing capital mobility and broadening and more diversified trade, many (but not all) developing and transition economies are likely to find it desirable to move from relatively fixed exchange rate regimes to regimes of greater exchange rate flexibility. This paper suggests why, and considers strategies that countries may consider for such a move. It reinforces this discussion with a review of experience from teh past two decades with alternative exchange rate regimes. The paper also identifies policies that can facilitate the transition to greater exchange rate flexibility for countries that wish to pursue this option.

International finance --- Developing countries --- Monetary policy --- Fiscal policy --- Foreign exchange rates --- 339.74 <1-773> --- 336.74 <1-773> --- -Foreign exchange rates --- -Monetary policy --- -monetair beleid --- ontwikkelingslanden --- wisselkoersbeleid --- chili --- israel --- mexico --- polen --- AA* / International - Internationaal --- 333.451.6 --- 333.451.1 --- 330.05 --- 332.456 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Tax policy --- Taxation --- Finance, Public --- Monetaire buitenlandse politiek. Deviezenpolitiek--Gebieden in ontwikkeling. Ontwikkelingslanden --- Geld. Geldwezen. Monetaire sector.--Gebieden in ontwikkeling. Ontwikkelingslanden --- politique de taux de change --- mexique --- pologne --- Vlottende wisselkoersen. Crawling peg. --- Wisselkoersen. --- Rates --- Government policy --- Working papers --- 336.74 <1-773> Geld. Geldwezen. Monetaire sector.--Gebieden in ontwikkeling. Ontwikkelingslanden --- 339.74 <1-773> Monetaire buitenlandse politiek. Deviezenpolitiek--Gebieden in ontwikkeling. Ontwikkelingslanden --- monetair beleid --- Wisselkoersen --- Vlottende wisselkoersen. Crawling peg --- Foreign exchange rates. --- Monetary policy. --- Fiscal policy. --- Monetary policy - Developing countries --- Fiscal policy - Developing countries --- Foreign exchange rates - Developing countries --- Banks and Banking --- Exports and Imports --- Finance: General --- Foreign Exchange --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Investment --- Long-term Capital Movements --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- International Financial Markets --- Currency --- Monetary economics --- International economics --- Finance --- Financial services law & regulation --- Exchange rate arrangements --- Exchange rate flexibility --- Currencies --- Conventional peg --- Money --- Capital movements --- Foreign exchange market --- Financial risk management --- United States