At the same time, the substantial accumulation of foreign exchange reserves suggests that the exchange rate has remained an important policy objective for many countries with a managed and independent float (IMF 2005, Rose 2006, Edwards 2006, Mishkin and Schmidt-Hebbel 2007). 3.
Dr. Sadie Alexander knocked down the door, and I hope you will consider following her through it. 1 I want to thank Fanta Traore and Nancy Riley for their assistance in preparing this text.