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Exchange Rate Regime Durability and Performance in Developing Countries Versus Advanced Economies

  • Aasim M. Husain
  • Ashoka Mody
  • Kenneth S. Rogoff

Drawing on new data and advances in exchange rate regimes' classification, we find that countries appear to benefit by having increasingly flexible exchange rate systems as they become richer and more financially developed. For developing countries with little exposure to international capital markets, pegs are notable for their durability and relatively low inflation. In contrast, for advanced economies, floats are distinctly more durable and also appear to be associated with higher growth. For emerging markets, our results parallel the Baxter and Stockman classic exchange regime neutrality result, though pegs are the least durable and expose countries to higher risk of crisis.

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File URL: http://www.nber.org/papers/w10673.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10673.

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Date of creation: Aug 2004
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Publication status: published as Husain, Aasim M., Ashoka Mody and Kenneth S. Rogoff. "Exchange Rate Regime Durability And Performance In Developing Versus Advanced Economies," Journal of Monetary Economics, 2005, v52(1,Jan), 35-64.
Handle: RePEc:nbr:nberwo:10673
Note: EFG IFM ME
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  1. Barry Eichengreen., 1993. "International Monetary Arrangements for the 21st Century," Center for International and Development Economics Research (CIDER) Working Papers C93-021, University of California at Berkeley.
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