The paper develops an analytical framework of costs and benefits of a fixed exchange rate, based on the ability of a developing country to meet its external obligations while achieving a maximum rate ...

We conclude that a high degree of currency substitution argues for a more fixed exchange rate regime, while asset substitution ... the most informative monetary aggregates include dollar assets. Based ...

The US refused to exchange US dollars for gold, marking the end of the Bretton Woods system. After months of negotiations, the Smithsonian Agreement was ratified and had established a new set of fixed ...