The book addresses three aspects of exchange rate regime choice: the factors determining regime choice, regime classification, and the relationship between exchange rate regimes and macroeconomic performance. The starting point is to illustarte the role played by the exchange rate in the economy. The classical debate on the fixed versus flexible exchange rates is discussed comprehensively from a theroretical prespective. This is followed by two 2 chapters on the classification of exchange rate regimes and related issues such a s the bipolar view, the exit problem and the verifiability problem. The book also considers the history of exchange rate arrangments and presents a selective survey of thr models used to determin regime choice and related issues, A final chapter is devoted to case studies, one of which is based on the author's actual expereince when he visited Baghdad in 2003 as an adviser to the US Treasury. From the Background and overview to the case studies in the last chapter, there are 9 session on this book. The role, fixed and flexible excahnge rate, taxonomy, the history, and macroeconomic performance are arranged in sequence