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Exchange Rate Regime Durability and Performance in Developing Countries Versus Advanced Economies

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  • Aasim M. Husain
  • Ashoka Mody
  • Kenneth S. Rogoff

Abstract

Drawing on new data and advances in exchange rate regimes' classification, we find that countries appear to benefit by having increasingly flexible exchange rate systems as they become richer and more financially developed. For developing countries with little exposure to international capital markets, pegs are notable for their durability and relatively low inflation. In contrast, for advanced economies, floats are distinctly more durable and also appear to be associated with higher growth. For emerging markets, our results parallel the Baxter and Stockman classic exchange regime neutrality result, though pegs are the least durable and expose countries to higher risk of crisis.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10673.

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Date of creation: Aug 2004
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Publication status: published as Husain, Aasim M., Ashoka Mody and Kenneth S. Rogoff. "Exchange Rate Regime Durability And Performance In Developing Versus Advanced Economies," Journal of Monetary Economics, 2005, v52(1,Jan), 35-64.
Handle: RePEc:nbr:nberwo:10673

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  1. Barry Eichengreen., 1993. "International Monetary Arrangements for the 21st Century," Center for International and Development Economics Research (CIDER) Working Papers, University of California at Berkeley C93-021, University of California at Berkeley.
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Cited by:
  1. Enrique Alberola & Luis Molina & Daniel Navia, 2005. "Say you fix, enjoy and relax: the deleterious effect of peg announcements on fiscal discipline," Banco de Espa�a Working Papers 0523, Banco de Espa�a.
  2. Asici, Ahmet Atil & Ivanova, Nadezhda & Wyplosz, Charles, 2005. "How to Exit from Fixed Exchange Rate Regimes," CEPR Discussion Papers, C.E.P.R. Discussion Papers 5141, C.E.P.R. Discussion Papers.
  3. M. Ayhan Kose & Eswar Prasad & Kenneth Rogoff & Shang-Jin Wei, 2009. "Financial Globalization: A Reappraisal," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 56(2), pages 143-197, June.
  4. Barry Eichengreen & Poonam Gupta & Ashoka Mody, 2006. "Sudden Stops and IMF-Supported Programs," NBER Working Papers 12235, National Bureau of Economic Research, Inc.
  5. Maurico Obstfeld, 2004. "External adjustment," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 140(4), pages 541-568, December.
  6. Ashoka Mody, 2004. "What is An Emerging Market?," IMF Working Papers 04/177, International Monetary Fund.
  7. Ehsan U. Choudhri & Hamid Faruqee & Stephen Tokarick, 2006. "Trade Liberalization, Macroeconomic Adjustment, and Welfare," IMF Working Papers 06/304, International Monetary Fund.
  8. Maurice Obstfeld, 2009. "International Finance and Growth in Developing Countries: What Have We Learned?," NBER Working Papers 14691, National Bureau of Economic Research, Inc.

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