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Rupa Duttagupta, Mr. Cem Karacadag, and Mrs. Gilda C Fernandez

Abstract

A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.

Mr. Ashoka Mody and Mr. Abdul d Abiad

Abstract

Financial sector liberalization was high on the agenda of policymakers during the last quarter of the twentieth century. But there were significant differences in the pace and scale of reform. This pamphlet examines the factors triggering-or impeding and even reversing-financial reform in 35 economies, both industrial and developing.

Rupa Duttagupta, Mr. Cem Karacadag, and Mrs. Gilda C Fernandez

Abstract

Un número creciente de países están adoptando regímenes de tipo de cambio flexible porque la flexibilidad ofrece mayor protección frente a shocks externos y una mayor independencia monetaria. Otros países han atravesado por una transición en condiciones desordenadas, con fuerte depreciación de su moneda durante una crisis. Independientemente de la razón para adoptar un tipo de cambio flexible, el éxito de la transición depende de que se manejen con eficacia una serie de cuestiones institucionales y operativas. Los autores de este número de Temas de economía describen los ingredientes necesarios para la transición hacia un régimen flexible, así como el ritmo y la secuencia óptima en diferentes circunstancias.

Rupa Duttagupta, Mr. Cem Karacadag, and Mrs. Gilda C Fernandez

Abstract

Un nombre croissant de pays adoptent des régimes de taux de change flexible car la flexibilité assure une meilleure protection contre les chocs externes et donne plus d'indépendance à la politique monétaire. Ailleurs, la transition se fait parfois de façon désordonnée, avec une forte dépréciation de la monnaie lors d'une crise. Quel que soit le motif de l'adoption d'un taux de change flexible, la réussite de la transition dépend de la bonne gestion de plusieurs aspects institutionnels et opérationnels. Les auteurs de ce numéro des Dossiers économiques décrivent les éléments nécessaires pour passer un régime flexible, ainsi que la cadence et l'ordre idéal de ces éléments dans différentes circonstances.

Rupa Duttagupta, Mr. Cem Karacadag, and Mrs. Gilda C Fernandez

Abstract

A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.

Rupa Duttagupta, Mr. Cem Karacadag, and Mrs. Gilda C Fernandez

Abstract

A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.

Rupa Duttagupta, Mr. Cem Karacadag, and Mrs. Gilda C Fernandez

Abstract

A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.

Mr. Ashoka Mody and Mr. Abdul d Abiad

Abstract

Financial sector liberalization was high on the agenda of policymakers during the last quarter of the twentieth century. But there were significant differences in the pace and scale of reform. This pamphlet examines the factors triggering-or impeding and even reversing-financial reform in 35 economies, both industrial and developing.

Mr. Ashoka Mody and Mr. Abdul d Abiad

Abstract

La libéralisation du secteur financier était une priorité des décideurs politiques au cours du dernier quart du XXe siècle, mais avec une grande variété tant dans la cadence que dans l'étendue des réformes. Cette brochure examine les facteurs qui déclenchent, entravent ou contrecarrent la réforme financière dans 35 pays industrialisés ou en développement.

Mr. Ashoka Mody and Mr. Abdul d Abiad

Abstract

La liberalización del sector financiero ocupó un lugar destacado en la agenda de trabajo de las autoridades de política económica durante el último cuarto del siglo XX. Pero ha habido diferencias significativas en el ritmo y la escala de la reforma. Este folleto examina los factores que han activado u obstaculizado, o incluso revertido, la reforma financiera en 25 economías, tanto industriales como en desarrollo.