英语翻译Theaimofchapter2istofillsomeofthegapspresentinexistingstudies.Startingfromthehypothesisthatobservedregimediscrepanciesaresystematic,i.e.,nottheresultofrandompolicyerrors,itprovidesevidencefortheexistence

　　英语翻译

　　Theaimofchapter2istofillsomeofthegapspresentinexistingstudies.Startingfromthehypothesisthatobservedregimediscrepanciesaresystematic,i.e.,nottheresultofrandompolicyerrors,itprovidesevidencefortheexistenceofsystematicelementsinobservedregimediscrepanciesbylinkingthemtospecificcountrycharacteristics.Themainempiricalfindingisthatcountriestendtocommunicateexchangerateregimesat

　　thecornersoftheflexibilityspectrum,i.e.,eitherfixedorflexibleregimes,buttooperateintermediateregimes.Whethercountriesannounceafixedorflexibleexchange

　　ratedependsoncountrycharacteristics,inparticularrelatedtotradestructure,financialdevelopment,andfinancialopenness.Also,countriesatdifferentstagesofeconomic

　　andfinancialdevelopmentdifferinthenatureofregimediscrepancies.Finally,the

　　decreasingfrequencyofcountriesmanagingtheirexchangeratelessthanannouncedandtheincreasingoccurrenceofcountriesinterveningmorethanannouncedalignwith

　　broadereconomictrendsanddevelopmentsworldwiderelatedtofinancialglobalizationandchangesinmonetarypolicydesign.

　　Theseparationofcommunicationandimplementationofexchangeratepolicymayprovidepolicymakerswithanadditionaltooltotacklechallengesfromfinancialglobalization.

　　Inaneraofhighfinancialintegrationandcapitalmobility,countriesmaynotberestrainedtochoosebetweenpursuinganindependentmonetarypolicyandstableexchange

　　rateswhilerefrainingfromcapitalcontrols.Fornumerouscountriestheoptimalpolicymaybeneitherofthetwoextremesbutacombination.However,asintermediate

　　exchangerateregimesaredifficulttocommunicate,see,e.g.,Frankel,Fajnzylber,SchmuklerandServen(2001),countriesmayfinditoptimaltouseexchangerateregime

　　announcementsandadivergingimplementationasasecondbestpolicy.Theempiricalpatternspointattheroleofmonetarypolicywithinthemacroeconomicpolicytrilemma.Especiallyemergingmarketeconomiesthatadoptedinflationtargeting

　　and,hence,announceflexibleexchangerates,managetheirexchangeratemoretha