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adjustment mechanism adopting a pegged allocative efficiency alternative regimes argument balance of payments basket pegs capital mobility coefficient commodity concentration conclusion costly costs of adjustment countries currency area theories degree of exchange-rate dependent determining disturbances diversificatioa diversification economists empirical equation exchange-rate adjustment exchange-rate changes exchange-rate flexibility expenditure-changing policies explanatory variable exports financial correctives financial integration fixed exchange rates fixed rates flexible exchange rates flexible exchange-rate regimes flexible rates floaters floating rates foreign exchange market geographic concentration Heller's Hence high capital mobility hypothesis imbalance independent floaters independent variables inflationary less linear probability model logit analysis logit model long run macro policies marginal costs micro costs monetary narrow-margin nations Nigeria number of observations optimum adjustment mix optimum currency area peggers pegging and floating Phillips curve predictions probability of adopting proxy rate regime ratio reduce regime selection resource mobility Salomon Brothers single currency pegs specific theoretical