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A Modern History of Exchange Rate Arrangements: Chartbook, 1946-2001

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  • Reinhart, Carmen

Abstract

This is the chartbook of individual country exchange rate histories and their experience with parallel markets, 1946-2001 that accompanies "The Modern History of Exchange Rate Arrangements: A Reinterpretation." We develop a novel system of reclassifying historical exchange rate regimes. One key difference between our study and previous classifications is that we employ monthly data on market-determined parallel exchange rates going back to 1946 for 153 countries. Our approach differs from the IMF official classification (which we show to be only a little better than random), it also differs radically from all previous attempts at historical reclassification. Our classification points to a rethinking of economic performance under alternative exchange rate regimes. Indeed, the breakup of Bretton Woods had less impact on exchange rate regimes than is popularly believed.

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File URL: http://mpra.ub.uni-muenchen.de/13192/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13192.

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Date of creation: May 2002
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Handle: RePEc:pra:mprapa:13192

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Related research

Keywords: Exchange rate; crises; capital controls; pegs; history; inflation;

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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, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 119(1), pages 1-48, February.
  3. Agathe Cote, . "Exchange Rate Volatility and Trade: A Survey," Working Papers, Bank of Canada 94-5, Bank of Canada.
  4. Sylvain Leduc, 2000. "Why Is the Business Cycle Behavior of Fundamentals Alike Across Exchange Rate Regimes?," Econometric Society World Congress 2000 Contributed Papers, Econometric Society 1843, Econometric Society.
  5. Flood, R.P. & Rose, A.K., 1992. "Fixing Exchange Rates: A Virtual Quest for Fundamentals," Papers, Stockholm - International Economic Studies 529, Stockholm - International Economic Studies.
  6. Jeffrey A. Frankel & Andrew K. Rose, 1996. "Currency crashes in emerging markets: an empirical treatment," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 534, Board of Governors of the Federal Reserve System (U.S.).
  7. Reinhart, Carmen & Calvo, Guillermo, 2002. "Fear of floating," MPRA Paper 14000, University Library of Munich, Germany.
  8. Reuven Glick, 2000. "Fixed or floating: is it still possible to manage in the middle?," Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco 2000-02, Federal Reserve Bank of San Francisco.
  9. Masson, Paul R., 2001. "Exchange rate regime transitions," Journal of Development Economics, Elsevier, Elsevier, vol. 64(2), pages 571-586, April.
  10. Baxter, Marianne & Stockman, Alan C., 1989. "Business cycles and the exchange-rate regime : Some international evidence," Journal of Monetary Economics, Elsevier, Elsevier, vol. 23(3), pages 377-400, May.
  11. Peter Wickham, 2002. "Do "Flexible" Exchange Rates of Developing Countries Behave Like the Floating Exchange Rates of Industrialized Countries?," IMF Working Papers 02/82, International Monetary Fund.
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Cited by:
  1. Maria Grydaki & Stilianos Fountas, 2010. "What Explains Nominal Exchange Rate Volatility? Evidence from the Latin American Countries," Discussion Paper Series 2010_10, Department of Economics, University of Macedonia, revised Jul 2010.
  2. George Tavlas & Harris Dellas & Alan Stockman, 2008. "The Classification and Perfomance of Alternative Exchange-Rate Systems," Working Papers, Bank of Greece 90, Bank of Greece.
  3. Tassos G. Anastasatos & Ian R. Davidson, 2006. "How Homogenous are Currency Crises? A Panel Study Using Multiple-Response Models," Working Papers, Bank of Greece 52, Bank of Greece.
  4. Tassos Anastasatos & Constantina Manou, 2008. "Speculative Attacks on the Drachma and the Changeover to the Euro," Economic Bulletin, Bank of Greece, Economic Research Department, Bank of Greece, Economic Research Department, issue 31, pages 49-77, November.

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