El papel de la estrategia cambiaria en el comportamiento económico de países en desarrollo: evidencia para 1997
We examine the effect of different exchange rate regimes on the economic behavior of 16 developing countries during 1997. While current account deficits predict well the subsequent degree of currency depreciation, holding constant the deficit, the exchange rate regime in place at the beginning of the year is statistically irrelevant. However, countries with a fixed exchange rate at the beginning of 1997 suffered significantly larger stock market losses (measured in U.S. dollars) than those with floating rates. Given these results, we question the wisdom of encouraging developing countries to create and defend fixed exchange rates.
Volume (Year): VII (1998)
Issue (Month): 1 (January-June)
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