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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 ?

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

Abstract

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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  • Jean-Pierre Allegret & Mohamed Ayadi & Leila Haouaoui Khouni, 2011. "Le choix d'un régime de change dans les pays émergents et en développement peut-il être optimal en dehors des solutions bipolaires ?," Revue économique, Presses de Sciences-Po, vol. 62(2), pages 133-162.
    • Handle: RePEc:cai:recosp:reco_622_0133
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    1. Levy Yeyati, Eduardo & Sturzenegger, Federico & Reggio, Iliana, 2010. "On the endogeneity of exchange rate regimes," European Economic Review, Elsevier, vol. 54(5), pages 659-677, July.
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    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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