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Atish R. Ghosh

Atish R. Ghosh is Chief of the Policy Review Division of the Policy Development and Review Department of the International Monetary Fund. Ghosh is co-author (with Holger C. Wolf and Anne-Marie Gulde) of Exchange Rate Regimes: Choice and Consequences (MIT Press, 2003).

Titles by This Author

Currency Boards in Retrospect and Prospect

By Holger C. Wolf, Atish R. Ghosh, Helge Berger and Anne-Marie Gulde

Currency boards, more so than other exchange rate regimes, have come in and out of fashion. Defined by a fixed exchange rate with full convertibility, central bank liabilities backed with foreign exchange reserves, and a high cost of exiting the regime, currency boards were common in colonial times—until most were cast off as countries gained independence after World War II.

Exchange Rate Regimes

Choices and Consequences
By Atish R. Ghosh, Anne-Marie Gulde and Holger C. Wolf

Few topics in international economics are as controversial as the choice of an exchange rate regime. Since the breakdown of the Bretton Woods system in the early 1970s, countries have adopted a wide variety of regimes, ranging from pure floats at one extreme to currency boards and dollarization at the other. While a vast theoretical literature explores the choice and consequences of exchange rate regimes, the abundance of possible effects makes it difficult to establish clear relationships between regimes and common macroeconomic policy targets such as inflation and growth.