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150128 ||| eng |
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|a 9781451962000
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| 100 |
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|a Imam, Patrick
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| 245 |
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|a Exchange Rate Choices of Microstates
|c Patrick Imam
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2010
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| 300 |
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|a 48 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Government and the Monetary System
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| 653 |
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|a Payment Systems
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| 653 |
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|a International Monetary Arrangements and Institutions
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| 653 |
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|a Exchange rate arrangements
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| 653 |
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|a Regimes
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| 653 |
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|a Monetary economics
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| 653 |
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|a Currency
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| 653 |
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|a Money
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Standards
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| 653 |
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|a Conventional peg
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| 653 |
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|a Currencies
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| 653 |
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|a Monetary Systems
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| 653 |
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|a Exchange rates
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Foreign exchange
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| 653 |
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|a Currency boards
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451962000.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2010/012/001.2010.issue-012-en.xml?cid=23527-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a In this paper we first explain why most microstates (countries with less than 2 million inhabitants) have gained independence only in the last 30 years. Despite the higher costs and risks microstates face, their ability to better accommodate local preferences combined with a more integrated world economy probably explains why the benefits of independence have risen. We explain why microstates at independence have chosen either dollarization, currency board arrangements, or fixed exchange rates rather than more flexible forms of exchange rate systems. We then, using the Geweke-Hajvassiliou-Keane multivariate normal simulator, model empirically the determinants of each of the different fixed exchange rate regimes in microstates and analyze the policy implications
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