The writer is chief economist at the Inter-American Development Bank
From the collapse of Argentina’s convertibility regime in the early 2000s to recent discussions about the case for greater exchange rate flexibility for China, the past two decades have seen a vigorous debate about the optimal exchange rate regime for economies large and small.
This debate has been underpinned by an influential academic consensus that the only sustainable regimes are hard pegs of one currency to another or free floating exchange rated — the so-called “bipolar view”.
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