NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?

Ethan Ilzetzki, Carmen M. Reinhart, Kenneth S. Rogoff

NBER Working Paper No. 23134
Issued in February 2017

---- Acknowledgments ----

We wish to thank Duygu Guven and seminar participants at the Bank of International Settlements and the AEA meetings for helpful comments and suggestions and Lukas Althoff, Patricio Merlani, Paul Schmelzing, and Jordan Ward, for outstanding research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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