„Fixed Exchange“

1. When Governments or their Central Banks administratively set the exchange rate for their currency.

2. An administratively set exchange rate where no rate fluctuations are permitted.

Source:

Frankel, Jeffrey A., and Andrew K. Rose. “An Estimate of the Effect of Common Currencies on Trade and Income.” The Quarterly Journal of Economics, vol. 117, no. 2, 2002, pp. 437-466.

Stein, Jerome L. “The Optimal Debt and Fiscal Policy in the Open Economy.” Economics Letters, vol. 37, no. 2, 1991, pp. 133-137.