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Currency Misalignments and Exchange Rate Regimes in Emerging and Developing Countries

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Author Info
Virginie Coudert
Cécile Couharde

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Abstract

Pegged exchange rates are often pointed out as more prone to risk of overvaluation, because their real exchange rates have a tendency to appreciate. We check this assumption empirically over a large sample of emerging and developing countries, by using two databases for de facto classifications by Levy-Yeyati and Sturzenegger (2003) and by Reinhart and Rogoff (2004). We assess currency misalignments by estimating real equilibrium exchange rates taking into account a Balassa effect and the impact of net foreign assets. Pegged currencies are shown to be more overvalued than floating ones. Copyright © 2009 The Authors. Journal compilation © Blackwell Publishing Ltd 2009.

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File URL: http://www.blackwell-synergy.com/links/doi/10.1111/j.1467-9396.2008.00782.x
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Publisher Info
Article provided by Blackwell Publishing in its journal Review of International Economics.

Volume (Year): 17 (2009)
Issue (Month): 1 (02)
Pages: 121-136
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Handle: RePEc:bla:reviec:v:17:y:2009:i:1:p:121-136

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This page was last updated on 2009-11-22.

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