Whereas the Nigerian monetary authority fixed the official exchange rate at N196 to a dollar, there is today a near 50% differential in the parallel market rate to the official rate.The fact that the ...

Many economists argue that a flexible exchange rate regime is preferable to a fixed exchange rate regime because it helps to insulate the domestic economy from adverse external shocks. For example, ...

A rocket scientist – he designed weapons systems for a defense contractor – once told me that monetary principles were more difficult than rocket science. The evidence supports his view: we have many ...

During the past decade, many countries have changed their exchange rate regimes, moving from crisis-prone soft pegs to hard pegs or floating regimes. This trend is likely to continue, particularly ...

The Economic Issues series was inaugurated in September 1996. Its aim is to make some of the economic research being produced in the International Monetary Fund on topical issues accessible to a broad ...

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