Question

For pegged currency why would global economist country want to make their currency fixed

Answer 1

The Answer is...

you may  remember a recent event in which many trading companies became insolvent. The event is - SWISS FRANC SPECTACULAR RISE AGAINST EURO, after Switzerland central bank removed Swiss France fix to Euro. 

Here, to maintain a fixed exchange rate, the central bank of particular country has to continuously buy the currency against which it fixed its domestic currency value. Let understand from one example- to maintain fix value of Swiss Franc against Euro, the central bank of Switzerland must have to buy Euro from open market. If we go deeper in this process the meaning is 
The central bank of Switzerland in effect buying its own currency from market. This creates pressure on central bank balance sheet. Suppose in this case if Euro get depreciate against dollar then the central bank of Switzerland loose value of its Euro deposits. Therefore , Switzerland central bank abandon this.

So, it is not that Switzerland say 1 Swiss franc= 0.53 dollar and  world starts accepting it.Central bank is Switzerland has to maintain that level by buying dollars from open markets.
Therefore, not many countries abandoned fixed exchange rate because it becomes untenable on their central bank and let it decide by market forces


Hope this helps....