ABSTRACT
Over the past century and into this new one, exchange rate policies varied from completely fixing exchange rates to letting them float freely. National governments often pursued many variations and combinations of those two extremes. Today, the international monetary system is a complex and variable mixture of fixed exchange rates, clean floats, dirty floats, currency boards, regional currency unions, crawling pegs, systematic undervaluations, and other managed exchange rate strategies. This mixture is difficult to analyze because it is continually evolving as national governments respond to domestic interests, foreign governments’ actions, increasing international economic integration, and changing economic outcomes.
