When Is It Optimal to Abandon a Fixed Exchange Rate?
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The influential Krugman-Flood-Garber (KFG) model of balance of payment crises assumes that a fixed exchange rate is abandoned if and only if international reserves reach a critical threshold value. From a positive standpoint, the KFG rule is at odds with many episodes in which the central bank has
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美国国家经济研究局创建时间：
2006-12-01
