Choosing and exchange rate regime : the challenge for smaller industrial countries

This collection of papers, edited by Victor Argy and Paul De Grauwe, examines issues surrounding the choice of exchange rate regime in smaller industrial countries. It contains a comprehensive summary by Jacques J. Polak. Choice of exchange rate regime for a smaller economy : a survey of some key issues / Victor Argy -- Comment / Morris Goldstein -- Financial market integration and exchange rate policy / Donald J. Matheison and Liliana Rojas-Suárez -- Comment / Giorgio Basevi -- Exchange rate experiences of small EMS countries: Belgium, Denmark, and the Netherlands / Paul de Grauwe and Wim Vanhaverbeke -- Comment / Daniel Gros -- Exchange rate policy, inflation, and unemployment : the Nordic EFTA countries / Thorvaldur Gylfason -- Comment / Johnny Akerholm -- In the shadow of the mark : exchange rate and monetary policy in Austria and Switzerland / Hans Genberg -- Comment / Georg Rich -- Exchange rate policy in advanced commodity-exporting countries : Australia and New Zealand / Adrian Blundell-Wignall and Robert G. Gregory -- Comments / Jeff Carmichael and Grant Spencer -- Credibility and asymmetries in the EMS / Michele Fratianni and Jürgen von Hagen -- Comment / Stefan Schoenberg -- Monetary and exchange rate targets, and after : a stochastic "hard landing" for Sterling? / Marcus Miller and Alan Sutherland -- Comment / Christopher Taylor -- Fiscal constraints of a fixed exchange rate regime / Hugh Bredenkamp and Michael Deppler -- Postscript : exchange rate policy in Canada / Stephen S. Poloz -- Summary / Jacques J. Polak. Since the collapse of Bretton Woods in early 1973 a smaller country has had the option of adopting a potentially wide variety of exchange rate policies.