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Long-Run Determinants of Exchange Rate Regimes

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Author Info

  • Paolo Mauro
  • Grace Juhn

Abstract

Many studies have attempted to uncover empirical regularities in how countries choose their exchange rate regimes. We survey previous studies showing that, taken as a whole, the literature is inconclusive. Drawing on a large dataset with many potential explanatory variables and a variety of exchange rate regime classifications, we test old and new theories and confirm that no robust empirical regularities emerge.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/104.

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Length: 31
Date of creation: 01 Jun 2002
Date of revision:
Handle: RePEc:imf:imfwpa:02/104

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Related research

Keywords: Exchange rate regimes; exchange rate; exchange rate regime; trade openness; terms of trade; trading partner; exchange rates; openness to capital flows; transition countries; real exchange rate; exchange arrangements; exchange restrictions; exchange rate regime classification; currency unions; currency boards; exchange rate regime classifications; exchange rate volatility; exchange rate system; exchange rate pegs; fixed exchange rates; real exchange rate volatility; foreign exchange; fixed exchange rate; political economy; current exchange rate regime; exchange rate flexibility; exchange rate policies; currency areas; export growth; exchange rate systems; current exchange rate; optimum currency areas; classification of exchange rate; floating exchange rate; foreign trade; fixed exchange rate regime; multiple exchange rates; exchange rate classifications; determinant of exchange rate; de facto exchange rate regime; exchange reserves; trade partner; exchange rate crises; transition economy; fixed monetary union; open economies; exchange rate variability; partner countries; foreign exchange reserves; balance of payments; measures of volatility; exchange rate classification; floating exchange rates; monetary integration; currency convertibility; transition economies; exchange rate arrangements; de facto exchange rate regimes;

References

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  1. Helge Berger & Jan-Egbert Sturm & Jakob de Haan, 2000. "An Empirical Investigation into Exchange Rate Regime Choice and Exchange Rate Volatility," CESifo Working Paper Series 263, CESifo Group Munich.
  2. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear Of Floating," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 117(2), pages 379-408, May.
  3. Maurice Obstfeld & Kenneth Rogoff, 1995. "The mirage of fixed exchange rates," Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco 95-08, Federal Reserve Bank of San Francisco.
  4. Ernesto H. Stein & Jeffry Frieden & Piero Ghezzi, 2000. "Politics and Exchange Rates: A Cross-Country Approach to Latin America," Research Department Publications, Inter-American Development Bank, Research Department 3119, Inter-American Development Bank, Research Department.
  5. Masson, Paul R., 2001. "Exchange rate regime transitions," Journal of Development Economics, Elsevier, Elsevier, vol. 64(2), pages 571-586, April.
  6. Dreyer, Jacob S., 1978. "Determinants of exchange-rate regimes for currencies of developing countries: Some preliminary results," World Development, Elsevier, Elsevier, vol. 6(4), pages 437-445, April.
  7. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, American Economic Association, vol. 89(3), pages 379-399, June.
  8. Ricci, Luca Antonio, 2008. "A Model of an Optimum Currency Area," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2(8), pages 1-31.
  9. Honkapohja, Seppo & Pikkarainen, Pentti, 1992. "Country Characteristics and the Choice of the Exchange Rate Regime: Are Mini-skirts Followed by Maxis?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 744, C.E.P.R. Discussion Papers.
  10. Heller, H Robert, 1978. "Determinants of Exchange Rate Practices," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 10(3), pages 308-21, August.
  11. Collins, Susan M., 1996. "On becoming more flexible: Exchange rate regimes in Latin America and the Caribbean," Journal of Development Economics, Elsevier, Elsevier, vol. 51(1), pages 117-138, October.
  12. Melvin, Michael, 1985. "The Choice of an Exchange Rate System and Macroeconomic Stability," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 17(4), pages 467-78, November.
  13. Sebastian Edwards, 1996. "The Determinants of the Choice between Fixed and Flexible Exchange-Rate Regimes," NBER Working Papers 5756, National Bureau of Economic Research, Inc.
  14. Holden, Paul & Holden, Merle & Suss, Esther C, 1979. "The Determinants of Exchange Rate Flexibility: An Empirical Investigation," The Review of Economics and Statistics, MIT Press, vol. 61(3), pages 327-33, August.
  15. Rizzo, Jean-Marc, 1998. "The economic determinants of the choice of an exchange rate regime: a probit analysis," Economics Letters, Elsevier, Elsevier, vol. 59(3), pages 283-287, June.
  16. George Tavlas, 1994. "The theory of monetary integration," Open Economies Review, Springer, Springer, vol. 5(2), pages 211-230, March.
  17. Hélène Poirson, 2001. "How Do Countries Choose their Exchange Rate Regime?," IMF Working Papers 01/46, International Monetary Fund.
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