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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

Suggested Citation

  • 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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    References listed on IDEAS

    1. 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.
    2. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear of Floating," The Quarterly Journal of Economics, Oxford University Press, vol. 117(2), pages 379-408.
    3. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, Oxford University Press, vol. 119(1), pages 1-48.
    4. 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.
    5. Aizenman, Joshua & Frenkel, Jacob A, 1985. "Optimal Wage Indexation, Foreign Exchange Intervention, and Monetary Policy," American Economic Review, American Economic Association, vol. 75(3), pages 402-423, June.
    6. Klein, Michael W. & Marion, Nancy P., 1997. "Explaining the duration of exchange-rate pegs," Journal of Development Economics, Elsevier, vol. 54(2), pages 387-404, December.
    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. 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.
    10. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fixing for Your Life," NBER Working Papers 8006, National Bureau of Economic Research, Inc.
    11. 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.
    12. 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.
    13. repec:hrv:faseco:34721963 is not listed on IDEAS
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    Cited by:

    1. Nassirou, Aïchat, 2017. "Chocs macroéconomiques et intégration d’une union économique et monétaire: cas du Nigéria
      [Macroeconomic shocks and integration of an economic and monetary union: case of Nigeria]
      ," MPRA Paper 79167, University Library of Munich, Germany.

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    JEL classification:

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


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