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Bi-Polar Disorder: Exchange Rate Regimes, Economic Crises and the IMF

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Author Info
Graham Bird (University of Surrey)
Dane Rowlands (Carleton University)

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Abstract

Over the course of the 1990s economists appeared to favour exchange rate regimes that were either completely flexible or rigidly fixed through mechanisms such as currency boards. According to this "bipolar" view of exchange rates, intermediate regimes were deemed to be ineffective and prone to crisis. This paper examines the link between exchange rate regimes and International Monetary Fund (IMF) programme use and finds fairly strong evidence that countries with intermediate exchange rate regimes are less likely to go to the IMF than others. To the extent that International Monetary Fund (IMF) programmes are a proxy for balance of payments difficulties, this finding supports the more recent, nuanced, literature on exchange rate regime choice.

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Paper provided by Department of Economics, University of Surrey in its series Department of Economics Discussion Papers with number 0705.

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Length: 30 pages
Date of creation: Apr 2005
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Handle: RePEc:sur:surrec:0705

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F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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  1. Bird, Graham, 1996. "Borrowing from the IMF: The policy implications of recent empirical research," World Development, Elsevier, vol. 24(11), pages 1753-1760, November. [Downloadable!] (restricted)
  2. Joyce, Joseph P., 1992. "The economic characteristics of IMF program countries," Economics Letters, Elsevier, vol. 38(2), pages 237-242, February. [Downloadable!] (restricted)
  3. Eduardo Borensztein & Catherine A. Pattillo & Andrew Berg, 2004. "Assessing Early Warning Systems: How Have They Worked in Practice?," IMF Working Papers 04/52, International Monetary Fund. [Downloadable!]
    Other versions:
  4. Pedro Rey Biel, 2001. "Why is There No AIDS Vaccine?," World Economics, World Economics, NTC Economic & Financial Publishing, PO Box 69, Henley-on-Thames, Oxfordshire, United Kingdom, RG9 1GB, vol. 2(4), pages 117-132, October. [Downloadable!]
  5. Graham Bird, 2002. "Where Do We Stand On Choosing Exchange Rate Regimes in Developing and Emerging Economies?," World Economics, World Economics, NTC Economic & Financial Publishing, PO Box 69, Henley-on-Thames, Oxfordshire, United Kingdom, RG9 1GB, vol. 3(1), pages 145-167, January. [Downloadable!]
  6. Reuven Glick & Michael Hutchison, 1999. "Banking and currency crises; how common are twins?," Proceedings, Federal Reserve Bank of San Francisco, issue Sep. [Downloadable!]
    Other versions:
  7. repec:rus:hseeco:181565 is not listed on IDEAS
  8. Esteban Jadresic & Paul R. Masson & Paolo Mauro & Michael Mussa & Alexander K. Swoboda & Andrew Berg, 2000. "Exchange Rate Regimes in an Increasingly Integrated World Economy," IMF Occasional Papers 193, International Monetary Fund. [Downloadable!]
  9. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, MIT Press, vol. 119(1), pages 1-48, February. [Downloadable!] (restricted)
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  10. Knight, Malcolm & Santaella, Julio A., 1997. "Economic determinants of IMF financial arrangements," Journal of Development Economics, Elsevier, vol. 54(2), pages 405-436, December. [Downloadable!] (restricted)
  11. 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. [Downloadable!] (restricted)
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