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In the 1970s, however, the system of managed exchange rates broke down.
India's low external indebtedness, managed exchange rate and large foreign-exchange reserves should insulate it from a financial-market shock.
Yet in practice China is reluctant to give up the perceived safety of a managed exchange rate.
But a one-for-four deal, say, reflecting Belarus's managed exchange rate, might be deemed an acceptable price for a great historical opportunity.
"Can you have a managed exchange rate in Europe?" asked Karel Lannoo, the chief executive of the Center for European Policy Studies, a research organization in Brussels.
They argue that in economies with managed exchange rates and fast-growing bank deposits, there is increased risk of a "double drain".
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HDGE is a go-anywhere, actively managed, exchange-traded fund (ETF) that shorts companies its managers identify as severely troubled stocks.
In order to maintain a managed exchange-rate regime, overnight interest rates had soared to several thousand per cent.
The Securities and Exchange Commission has taken the first step toward allowing the introduction of actively managed exchange-traded funds.
The financial crises of the 1990s induced Emerging markets to converge to trilemma's middle ground -- managed exchange-rate flexibility, controlled financial integration, and viable but limited monetary independence.
Instead, the S.E.C. has been considering whether to allow an entirely different approach: the creation of actively managed exchange-traded funds.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com