A Comparative Analysis of Exchange Rate Regimes

  • Yoshino Naoyuki 
  • Kaji Sahoko 
  • Suzuki Ayako 


In the era of fixed exchange rates, small countries were able to maintain their exchange rates against most major currencies constant, by pegging their currency against one major currency. However, after the major currencies floated against each other at the beginning of the 1970’s, this has no longer been the case.


Exchange Rate Loss Function Real Exchange Rate Optimal Weight Policy Objective 
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Copyright information

© Springer Science+Business Media New York 2003

Authors and Affiliations

  • Yoshino Naoyuki 
    • 1
  • Kaji Sahoko 
    • 1
  • Suzuki Ayako 
    • 1
  1. 1.Keio UniversityJapan

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