| Abstract |
In this paper Ianalyze, within the context of the new 'financial architecture,' therelationship between exchange rate regimes, capital flows and currencycrises in emerging economies. The paper draws on lessons learned duringthe 1990s, and deals with some of the most important policycontroversies that emerged after the Mexican, East Asian, Russian andBrazilian crises. I evaluate some recent proposals for reforming theinternational financial architecture that have emphasized exchange rateregimes and capital mobility. I discuss emerging markets' ability tohave floating exchange rate regime, and I analyze issues related to'dollarization.'


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