crawling peg

English

Etymology

Coined by English economist John Williamson.

Noun

crawling peg (plural crawling pegs)

1. (economics) An exchange rate regime that allows depreciation or appreciation to happen gradually.
   • 1991, Paul Beckerman, The Economics of High Inflation, Springer, →ISBN, page 144:

     Many analysts assume that a floating rate would have the same general tendency over time as a rate devaluing according to a crawling peg, but this is not certain. If the exchange rate is “undervalued,” for example, in the sense that foreign exchange is in excess supply, a crawling-peg policy would preserve the undervaluation; a floating exchange rate would appreciate and therefore be less inflationary.

   • 1999 January 2, Joseph Kahn, quoting Alan Greenspan, “Era May End For Floating Currencies”, in The New York Times‎^[1], →ISSN:

     “Many emerging-market economies have tried a number of technical devices: the fixed rate peg, varieties of crawling peg, currency boards and even dollarization,” Mr. Greenspan said in a recent speech. “The success has been mixed. Where successful, they have been backed by sound policies.”

Descendants

• → Spanish: crawling peg

Spanish

Etymology

Unadapted borrowing from English crawling peg.

Noun

crawling peg m

1. crawling peg
   • 2025 January 14, Ana Clara Pedotti, “Inflación de diciembre: bajaría el ajuste mensual del dólar y la tasa de interés”, in Clarín, page 12:

     Especificó que, si la inflación de diciembre resulta de 2,5% mensual el crawling peg se reducirá a 1% y si la inflación mensual se mantiene en 1,5% m/m durante tres meses la devaluación del peso se eliminaría.

     (please add an English translation of this quotation)