This article explores how developing countries choose their exchange rate systems and how these choices impact their economies. The researchers investigate the role of learning in selecting exchange rate regimes, the effects of joining a monetary union in Southern Africa, the influence of politics on exchange rate devaluation, and the challenges of currency convertibility. They use theoretical models and statistical methods to study these topics. Key findings include the importance of understanding different exchange rate systems, the potential benefits and drawbacks of joining a monetary union, the impact of political decisions on exchange rates, and the complexities of currency convertibility in developing countries.