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Fixed versus Flexible Exchange Rates: Evidence from Developing Countries

Author

Listed:
  • Hoffmann, Mathias

    (University of Cologne)

Abstract

This paper empirically investigates Mundell's (1961) formalisation that in a small open economy flexible exchange rates act as a `shock absorber'. The role of a world real interest rate shock in driving output, trade imbalances and real exchange rate fluctuations under different exchange rate regimes is empirically investigated in a Panel VAR, which utilises economic theory for identification.

Suggested Citation

  • Hoffmann, Mathias, 2003. "Fixed versus Flexible Exchange Rates: Evidence from Developing Countries," Royal Economic Society Annual Conference 2003 109, Royal Economic Society.
    • Handle: RePEc:ecj:ac2003:109
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    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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