, Miranda (2007), <<Global Imbalances and Financial Stability,>> IMF Working Paper, 7 (111).
Kelly, Margaret, Naheed Kirmani, Miranda Xafa
, Clemens Boonekamp, and Peter Wigle.
As I have argued elsewhere (Xafa
2008), small economies--the bulk of IMF members--are better off with fixed exchange rates to a large stable anchor currency.
Arnold Harberger provides important insights from a review of the fundamentals of monetary and real exchange rate economics while Miranda Xafa
considers what we have learned from experience with alternative exchange rate regimes and with capital controls.
is a member of the board of the International Monetary Fund.