Title: Exchange Rate Policy for Developing Countries
Abstract: In his Per Jacobsson lecture, Arthur Lewis (1972 p. 33) said: 'It is now the conventional wisdom that the currencies of the developed countries should float, but the currencies of the less-developed (LDCs) should not; that is to say that each LDC should choose a more developed country (MDC) as a partner—or the SDR—and tie itself in a fixed relationship.'