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Currency Crises, Exchange Rate Regimes and Capital Account Liberalization: A Duration Analysis Approach

Author

Listed:
  • Mohammad Karimi

    (Carleton University)

  • Marcel-Cristian Voia

    (UO - Université d'Orléans, UniBuc - University of Bucharest)

Abstract

This paper empirically analyzes the effect of exchange rate regimes and capital account liberalization policies on the occurrence of currency crises for 21 countries over the period of1970-1998. We examine changes of the likelihood of currency crises under de jure, and de facto exchange rate regimes. We also test whether the impact of the exchange rate regimes on currency stability would be different under free and restricted capital flows. Our findings show that the likelihood of currency crises changes significantly under de facto regimes. However, the results are sensitive to the choice of de facto exchange rate arrangements. Furthermore, in our sample, capital control policies appear to be helpful in preventing low duration currency crises. The results are robust to a wide variety of sample and models checks.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Mohammad Karimi & Marcel-Cristian Voia, 2014. "Currency Crises, Exchange Rate Regimes and Capital Account Liberalization: A Duration Analysis Approach," Post-Print hal-04926613, HAL.
    • Handle: RePEc:hal:journl:hal-04926613
    DOI: 10.1007/978-3-642-42039-9_7
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    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G01 - Financial Economics - - General - - - Financial Crises

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