While the debate over the optimal currency system continues to pour lots of ink, reality is that pegged exchange rates regimes remain the most adopted worldwide during and after the Gold Bullion Standard period. The International Monetary Fund (IMF) indicates that up to the mid-1970s, 87 percent of emerging economies had a particular type of fixed exchange rate. Following the collapse of the Bretton Woods system of fixed exchange rates dating back to the 1970s, larger economies began to float their currencies and were followed by some emerging markets. However, according to Reinhart and Rogoff (2004) who developed a new system of classifying currency regimes, 59% of the 153 countries under consideration in their model had in fact a type of peg such as de facto or crawling during the post 1980s era.
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