The world is in the midst of financial turmoil, this time triggered by the Asian crisis and followed by balance of payments problems in Russia and then in Brazil. At the heart of these problems are speculative attacks against local currencies, which many experts relate - directly or indirectly - to exchange rate regimes. "Macroeconomic Policy and the Exchange Rate" looks at the problem of exchange rate management and its relationship with other economic policies. The papers in this book represent specific country case studies and were presented at a USAID sponsored workshop held in Washington, DC in September 1996. Six country studies were presented: Chile, Mexico, Peru, Indonesia, Kenya and Hungary. Comments from other workshop participants are also included.