Un indicateur de la stratégie de change : application à la Pologne et à la Chine
Most developing and transition countries have adopted a mixed strategy in the management of their exchange rate. This article provides an indicator that measures the trade-off between nominal anchor and real target strategies. The relevance of the indicator is assessed for the cases of Poland and China. Our indicator highlights the different exchange rate policies of the two countries. Moreover, it is a statistically significant determinant of the inflation rate in both countries.
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