Exchange rate regimes in the modern era have shaped trade patterns capital flows reserve accumulation monetary policies inflation rates and many other facets of the world economy including the crisis itself. As discussed in chapter 3 with the advent of the modern era a wide set of experiences with exchange rate regimes emerged these experiences over a four decade time period offer a rich tableau for investigating the effects of exchange rate regimes on trade growth stability and other economic outcomes. Michael klein and jay shambaugh focus on the evolution of exchange rate regimes in the modern era the period since 1973 which followed the bretton woods era of 1945 72 and the pre world war i gold standard era. The modern era is marked by a wide variety of experiences with exchange rate regimes both across and within countries providing a rich body of data for studying the economic effects of these
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