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The Evolution of Exchange Rate Regimes Since 1990

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  • Andrea Bubula
  • Inci Ötker

Abstract

This paper presents a monthly database on de facto exchange rate regimes that covers all IMF members since 1990. Information from IMF country reports and other sources, including exchange rate data, is utilized to determine de facto exchange rate policies. Countries are categorized based on these policies using the IMF nomenclature adopted in 1999. This approach ensures the forward compatibility of the database. The database is then used to examine whether the "bipolar view" of exchange regimes holds with de facto regimes. It is found that the proportion of countries adopting "intermediate" regimes has indeed been shrinking in favor of greater flexibility or greater fixity, especially for countries more integrated with international markets. Analyses based on Markov chains of regime transitions, however, provide (mixed) evidence against the bipolar view.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/155.

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Length: 44
Date of creation: 01 Sep 2002
Date of revision:
Handle: RePEc:imf:imfwpa:02/155

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Related research

Keywords: Exchange rates; exchange rate; intermediate regimes; exchange rate regimes; foreign exchange; capital mobility; currency unions; exchange rate regime; de facto exchange rate regimes; currency boards; exchange rate path; exchange rate policy; capital flows; exchange rate policies; classification of exchange rate; basket of currencies; multiple alternative exchange rate regimes; capital markets; exchange rate flexibility; alternative exchange rate; stable exchange rate; international capital markets; exchange rate movements; exchange rate stability; exchange restrictions; history of exchange rate; exchange rate data; exchange arrangements; nominal exchange rate; exchange rate volatility; exchange rate arrangements; real exchange rate; foreign exchange markets; exchange rate targets; movements in currency pegs; international capital; exchange markets; intermediate exchange rate regimes; intermediate exchange rate; stable capital inflows; exchange rate mechanism; optimal exchange rate regime; adjustable peg; foreign exchange controls; speculative capital; exchange rate misalignments; currency convertibility; exchange rate anchors; exchange rate exposure; exchange rate behavior; exchange rate target; fluctuations in exchange rate variations; fixed exchange rate rigidity; foreign exchange transactions; fixed exchange rate; rigid exchange rate regimes; intermediate ? regimes; exchange transactions; exchange rate levels; exchange rate rule; fluctuation margins; exchange controls; parallel exchange rate depreciation;

References

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  1. Atish R. Ghosh & Anne-Marie Gulde & Jonathan D. Ostry & Holger C. Wolf, 1997. "Does the Nominal Exchange Rate Regime Matter?," NBER Working Papers 5874, National Bureau of Economic Research, Inc.
  2. Carmen M. Reinhart & Kenneth S. Rogoff, 2002. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," NBER Working Papers 8963, National Bureau of Economic Research, Inc.
  3. Bofinger, Peter & Wollmershäuser, Timo, 2001. "Managed floating: Understanding the new international monetary order," W.E.P. - Würzburg Economic Papers 30, University of Würzburg, Chair for Monetary Policy and International Economics.
  4. Reinhart, Carmen & Calvo, Guillermo, 2001. "Fixing for your life," MPRA Paper 13873, University Library of Munich, Germany.
  5. Hausmann, Ricardo & Panizza, Ugo & Stein, Ernesto, 2001. "Why do countries float the way they float?," Journal of Development Economics, Elsevier, Elsevier, vol. 66(2), pages 387-414, December.
  6. Atish R. Ghosh & Anne-Marie Gulde & Holger C. Wolf, 2000. "Currency boards: More than a quick fix?," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 15(31), pages 269-335, October.
  7. Reinhart, Carmen & Calvo, Guillermo, 2002. "Fear of floating," MPRA Paper 14000, University Library of Munich, Germany.
  8. Hélène Poirson, 2001. "How Do Countries Choose their Exchange Rate Regime?," IMF Working Papers 01/46, International Monetary Fund.
  9. 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.
  10. Jeffrey A. Frankel, 1999. "No Single Currency Regime is Right for All Countries or At All Times," NBER Working Papers 7338, National Bureau of Economic Research, Inc.
  11. Adam Bennett & Eduardo Borensztein & Tomás J. T. Baliño, 1999. "Monetary Policy in Dollarized Economies," IMF Occasional Papers 171, International Monetary Fund.
  12. repec:fth:inadeb:418 is not listed on IDEAS
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