We propose an Integrated Policy Framework (IPF) diagram to analyze the use of multiple policy tools as a function of shocks and country characteristics. The underlying model features dominant currency ...

Download PDF More Formats on IMF eLibrary Order a Print Copy Create Citation This paper addresses a key puzzle in international finance: whether exchange rates follow a random walk or exhibit ...

Lebanon has devalued its official exchange rate for the first time in 25 years, weakening it by 90 percent but still leaving the local currency well below its market value. The central bank ...

Nigeria adopted the multiple exchange-rate regime to avoid an outright devaluation of the naira but that system sparked criticism from the International Monetary Fund. The Abuja-based Central Bank ...