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Many emerging market countries have chosen to float their currencies only as a last resort and only when they have been forced so to do. Even those who have eventually floated have still sought to manage or interfere in otherwise floating currency markets in some way. From this, we have the idea of “fear of [...]

These four periods have been characterized by a general — although not universal — move from fixed exchange rate systems to convertible pegs and finally to freely floating exchange rates. In the mid-1970s, almost 90% of emerging market countries had some form of fixed/pegged exchange rate. As of the end of 2001, this had fallen [...]