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Le choix d'un régime de change dans les pays émergents et en développement peut-il être optimal en dehors des solutions bipolaires ?

  • Jean-Pierre Allegret
  • Mohamed Ayadi
  • Leila Haouaoui Khouni

This paper studies the choice of the exchange rate regime in emerging and developing countries. Our model extends the approach proposed by Aizenman and Hausmann [2001] in order to introduce the main determinants of the exchange rate regime choice. The model is tested with a multinomial logit approach on a sample including emerging and developing countries. We determine the probability of occurrence of a given exchange rate regime by taking into account the determinants from the theoretical model. Overall, our results suggest that intermediate regimes remain well adapted to developing and emerging countries. Classification JEL : F33 ; F41

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Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 62 (2011)
Issue (Month): 2 ()
Pages: 133-162

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Handle: RePEc:cai:recosp:reco_622_0133
Contact details of provider: Web page: http://www.cairn.info/revue-economique.htm

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  1. Michael W. Klein & Nancy P. Marion, 1994. "Explaining the Duration of Exchange-Rate Pegs," NBER Working Papers 4651, National Bureau of Economic Research, Inc.
  2. Reinhart, Carmen & Rogoff, Kenneth, 2004. "The modern history of exchange rate arrangements: A reinterpretation," MPRA Paper 14070, University Library of Munich, Germany.
  3. Levy-Yeyati, Eduardo & Sturzenegger, Federico & Reggio, Iliana, 2006. "On the Endogeneity of Exchange Rate Regimes," Working Paper Series rwp06-047, Harvard University, John F. Kennedy School of Government.
  4. Frenkel, Jacob A. & Aizenman, Joshua, 1982. "Aspects of the optimal management of exchange rates," Journal of International Economics, Elsevier, vol. 13(3-4), pages 231-256, November.
  5. Joshua Aizenman & Jacob A. Frenkel, 1984. "Optimal Wage Indexation, Foreign-Exchange Intervention and Monetary Policy," NBER Working Papers 1329, National Bureau of Economic Research, Inc.
  6. Corrinne Ho & Robert N. McCauley, 2003. "Living with flexible exchange rates: issues and recent experience in inflation targeting emerging market economies," BIS Working Papers 130, Bank for International Settlements.
  7. Jean-Pierre Allegret & Mohamed Ayadi & Leila Haouaoui Khouni, 2007. "Volatilité des chocs et degré de flexibilité du taux de change," Post-Print halshs-00201227, HAL.
  8. Levy-Yeyati, Eduardo & Sturzenegger, Federico, 2005. "Classifying exchange rate regimes: Deeds vs. words," European Economic Review, Elsevier, vol. 49(6), pages 1603-1635, August.
  9. Dubravko Mihaljek & Marc Klau, 2001. "A note on the pass-through from exchange rate and foreign price changes to inflation in selected emerging market economies," BIS Papers chapters, in: Bank for International Settlements (ed.), Modelling aspects of the inflation process and the monetary transmission mechanism in emerging market countries, volume 8, pages 69-81 Bank for International Settlements.
  10. Hausmann, Ricardo & Panizza, Ugo, 2003. "On the determinants of Original Sin: an empirical investigation," Journal of International Money and Finance, Elsevier, vol. 22(7), pages 957-990, December.
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