Abstract
Based on an analysis of exchange rates and industrial production in the world's twenty-five largest economies during the current global crisis, the author challenges the commonly held concept that the absorption of exogenous shocks that stabilizes the real sector of the economy is one of the advantages of a free-floating exchange rate policy. The article also analyzes additional risks associated with a free-floating exchange rate regime in Russia and presents some arguments in favor of a managed-floating exchange rate regime.
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