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Title: Exchange Rate Regimes: Is there a third way?
Author: Vijay Joshi
Published: December 2003
Pages: 15-36
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This paper argues that (a) for many developing countries, the optimal external payments regime would be a combination of an intermediate exchange rate with capital controls and (b) the policy stance and advice of the IMF should reflect this judgement. The paper uses India as a case study to illustrate its argument.

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