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Mark my Words: Information and the Fear of Declaring one’s Exchange Rate Regime

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  • Pierre-Guillaume Méon
  • Geoffrey Minne

Abstract

This paper investigates the role of a free press and of the circulation of information on the capacity of a country to declare an exchange regime that is different from the regime it de facto implements. We put forward consistent evidence that increased press freedom and easier access to information results in a lower probability of untruthfully reporting the regime that is implemented. The finding is resistant to a large set of robustness checks, including controlling for democracy.

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Bibliographic Info

Paper provided by ULB -- Universite Libre de Bruxelles in its series Working Papers CEB with number 11-040.

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Length: 45 p.
Date of creation: Sep 2011
Date of revision:
Publication status: Published by:
Handle: RePEc:sol:wpaper:2013/97393

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Keywords: Official exchange rate regime; de facto exchange rate regime; press freedom; information; fear of floating.;

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References

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  1. Djankov, Simeon & et al, 2003. "Who Owns the Media?," Journal of Law and Economics, University of Chicago Press, vol. 46(2), pages 341-81, October.
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  8. DellaVigna, Stefano & Kaplan, Ethan, 2006. "The Fox News Effect: Media Bias and Voting," Seminar Papers 748, Stockholm University, Institute for International Economic Studies.
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  20. Helge Berger & Michael Ehrmann & Marcel Fratzscher, 2011. "Monetary Policy in the Media," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(4), pages 689-709, 06.
  21. Hossain, Monzur, 2009. "Institutional development and the choice of exchange rate regime: A cross-country analysis," Journal of the Japanese and International Economies, Elsevier, vol. 23(1), pages 56-70, March.
  22. Carin van der Cruijsen & David-Jan Jansen & Jakob de Haan, 2010. "How much does the public know about the ECB's monetary policy? Evidence from a survey of Duch households," DNB Working Papers 252, Netherlands Central Bank, Research Department.
  23. Broz, J. Lawrence, 2002. "Political System Transparency and Monetary Commitment Regimes," International Organization, Cambridge University Press, vol. 56(04), pages 861-887, September.
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  25. Hélène Poirson, 2001. "How Do Countries Choose Their Exchange Rate Regime?," IMF Working Papers 01/46, International Monetary Fund.
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