However, arrangements between the extremes are often difficult to sustain indefinitely and when such arrangements break down, the result can be very painful. Whether or not currency boards are a viable option remains controversial. Such arrangements may increase the durability of fixed exchange rate systems, but perhaps at great expense to the real economy.
Therefore, I conclude that one of the lessons from the Asian crisis is that a flexible exchange rate regime is, in general, preferable to pegged exchange rate regimes as a means of minimizing vulnerability to adverse shocks.