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Words, deeds, and outcomes: A survey on the growth effects of exchange rate regimes

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Abstract

Recent studies on the growth effects of exchange rate regimes offer a wide range of different, sometimes contradictory results. In this paper, we systematically compare three prominent contributions in this field. Using a common data set, a common specification, and common estimation methods, we argue that the contradictory findings can be explained by the fact that these studies use regime classifications which reflect fundamentally different aspects of exchange rate policy.

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Paper provided by Swiss National Bank, Study Center Gerzensee in its series Working Papers with number 07.03.

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Length: 30 pages
Date of creation: Mar 2007
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Handle: RePEc:szg:worpap:0703

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References

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  1. Justin M. Dubas & Byung-Joo Lee & Nelson C. Mark, 2005. "Effective Exchange Rate Classifications and Growth," NBER Working Papers 11272, National Bureau of Economic Research, Inc.
  2. Levy-Yeyati, Eduardo & Sturzenegger, Federico, 2005. "Classifying exchange rate regimes: Deeds vs. words," European Economic Review, Elsevier, Elsevier, vol. 49(6), pages 1603-1635, August.
  3. Reinhart, Carmen & Rogoff, Kenneth, 2004. "The modern history of exchange rate arrangements: A reinterpretation," MPRA Paper 14070, University Library of Munich, Germany.
  4. Bruno, Michael & Easterly, William, 1995. "Inflation crises and long-run growth," Policy Research Working Paper Series 1517, The World Bank.
  5. 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.
  6. Eduardo Levy-Yeyati & Federico Sturzenegger, 2003. "To Float or to Fix: Evidence on the Impact of Exchange Rate Regimes on Growth," American Economic Review, American Economic Association, American Economic Association, vol. 93(4), pages 1173-1193, September.
  7. Aasim M. Husain & Ashoka Mody & Nienke Oomes & Robin Brooks & Kenneth Rogoff, 2003. "Evolution and Performance of Exchange Rate Regimes," IMF Working Papers, International Monetary Fund 03/243, International Monetary Fund.
  8. Baxter, M. & Stockman, A.C., 1988. "Business Cycles And The Exchange Rate System: Some International Evidence," RCER Working Papers, University of Rochester - Center for Economic Research (RCER) 140, University of Rochester - Center for Economic Research (RCER).
  9. Reuven Glick & Michael Hutchison, 1999. "Banking and currency crises: how common are twins?," Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco 99-07, Federal Reserve Bank of San Francisco.
  10. Christopher F Baum & Mark E. Schaffer & Steven Stillman, 2002. "Instrumental variables and GMM: Estimation and testing," Boston College Working Papers in Economics, Boston College Department of Economics 545, Boston College Department of Economics, revised 14 Feb 2003.
  11. Alberto Alesina & Alexander Wagner, 2003. "Choosing (And Reneging On) Exchange Rate Regimes," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 2008, Harvard - Institute of Economic Research.
  12. Philippe Aghion & Philippe Baccheta & Romain Ranciere & Kenneth Rogoff, 2006. "Exchange Rate Volatility and Productivity Growth: The Role of Financial Development," Swiss Finance Institute Research Paper Series, Swiss Finance Institute 06-16, Swiss Finance Institute.
  13. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc.
  14. Husain, Aasim M. & Mody, Ashoka & Rogoff, Kenneth S., 2005. "Exchange rate regime durability and performance in developing versus advanced economies," Journal of Monetary Economics, Elsevier, Elsevier, vol. 52(1), pages 35-64, January.
  15. Aghion, Philippe & Bacchetta, Philippe & Ranciere, Romain & Rogoff, Kenneth S., 2009. "Exchange Rate Volatility and Productivity Growth: The Role of Financial Development," Scholarly Articles 12490419, Harvard University Department of Economics.
  16. Hans Genberg & Alexander K. Swoboda, 2005. "Exchange Rate Regimes: Does What Countries Say Matter?," IMF Staff Papers, Palgrave Macmillan, vol. 52(si), pages 8.
  17. Guillermo A. Calvo, 2005. "Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262033348, December.
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Citations

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Cited by:
  1. Manuk Ghazanchyan & Janet Gale Stotsky, 2013. "Drivers of Growth: Evidence from Sub-Saharan African Countries," IMF Working Papers, International Monetary Fund 13/236, International Monetary Fund.
  2. Philipp Harms & Matthias Hoffmann, 2009. "Deciding to Peg the Exchange Rate in Developing Countries:The Role of Private-Sector Debt," Working Papers, Swiss National Bank, Study Center Gerzensee 09.06, Swiss National Bank, Study Center Gerzensee.
  3. Matthias Busse & Carsten Hefeker & Signe Nelgen, 2013. "Foreign Direct Investment and Exchange Rate Regimes," Economics Bulletin, AccessEcon, vol. 33(1), pages 843-858.
  4. Vladimir Sokolov & Byung‐Joo Lee & Nelson C. Mark, 2011. "Linkages Between Exchange Rate Policy And Macroeconomic Performance," Pacific Economic Review, Wiley Blackwell, Wiley Blackwell, vol. 16(4), pages 395-420, October.
  5. Erick Lahura & Marco Vega, 2013. "Regímenes cambiarios y desempeño macroeconómico: una evaluación de la literatura," Documentos de Trabajo, Departamento de Economía - Pontificia Universidad Católica del Perú 2013-361, Departamento de Economía - Pontificia Universidad Católica del Perú.
  6. Hallak, Issam, 2013. "Private sector share of external debt and financial stability: Evidence from bank loans," Journal of International Money and Finance, Elsevier, Elsevier, vol. 32(C), pages 17-41.
  7. Holtemöller, Oliver & Mallick, Sushanta, 2013. "Exchange rate regime, real misalignment and currency crises," Economic Modelling, Elsevier, Elsevier, vol. 34(C), pages 5-14.
  8. Tavlas, George & Dellas, Harris & Stockman, Alan C., 2008. "The classification and performance of alternative exchange-rate systems," European Economic Review, Elsevier, Elsevier, vol. 52(6), pages 941-963, August.
  9. Horacio Aguirre & Tamara Burdisso, 2008. "Dangerous Liaisons? An Empirical Assessment of Inflation Targeting and Exchange Rate Regimes," BCRA Working Paper Series 200839, Central Bank of Argentina, Economic Research Department.
  10. Petreski, Marjan, 2014. "Grooming Classifications: Exchange Rate Regimes and Growth in Transition Economies," MPRA Paper 54473, University Library of Munich, Germany.
  11. International Monetary Fund, 2012. "The Relationship Between the Foreign Exchange Regime and Macroeconomic Performance in Eastern Africa," IMF Working Papers, International Monetary Fund 12/148, International Monetary Fund.

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