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  1. Exchange Rate Volatility

    Exchange Rate Volatility

    Over the last two decades, most developing countries have moved towards greater exchange-rate flexibility and deeper financial integration. At the same time, buffered by sizable reserve holdings, they have also retained a fair degree of monetary autonomy, even as financial integration has continued. This has allowed them a sort of middle ground within the policy trilemma', which rules that countries may choose any two but not all three of the goals of monetary ...