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Do "Flexible" Exchange Rates of Developing Countries Behave Like the Floating Exchange Rates of Industrialized Countries?

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  • Peter Wickham
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    Abstract

    The paper examines the behavior of daily spot exchange rates for a sample of industrialized countries which are generally considered to be floating with only occasional official foreign exchange market intervention. This behavior is then compared to the behavior of the exchange rates of a sample of sixteen developing countries whose regimes are often classified as being “flexible”. Considerable differences in the way these developing countries’ exchange rate regimes operate is apparent from the daily data, with some sharing similarities with the regimes of the industrialized countries and with others demonstrating regime shifts and other marked discontinuities.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=15636
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/82.

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    Length: 38
    Date of creation: 01 May 2002
    Date of revision:
    Handle: RePEc:imf:imfwpa:02/82

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    Cited by:
    1. Ronald McKinnon & Gunther Schnabl, 2004. "The East Asian Dollar Standard, Fear of Floating, and Original Sin," Review of Development Economics, Wiley Blackwell, vol. 8(3), pages 331-360, 08.
    2. Reinhart, Carmen, 2002. "A Modern History of Exchange Rate Arrangements: Chartbook, 1946-2001," MPRA Paper 13192, University Library of Munich, Germany.
    3. Kwack, Sung Y., 2005. "Exchange rate and monetary regime options for regional cooperation in East Asia," Journal of Asian Economics, Elsevier, vol. 16(1), pages 57-75, February.
    4. Reinhart, Carmen, 2002. "A Modern History of Exchange Rate Arrangements: Parallel Markets and Dual and Multiple Exchange Rates," MPRA Paper 13194, University Library of Munich, Germany.
    5. Reinhart, Carmen & Rogoff, Kenneth, 2004. "The modern history of exchange rate arrangements: A reinterpretation," MPRA Paper 14070, University Library of Munich, Germany.
    6. Reinhart, Carmen, 2002. "A Modern History of Exchange Rate Arrangements: The Country Histories, 1946-2001," MPRA Paper 13191, University Library of Munich, Germany.

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