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Global Trends in the Choice of Exchange Rate Regime

Author

Listed:
  • Michael Bleaney
  • Mo Tian
  • Lin Yin

Abstract

The raw data suggest that the global trend towards greater exchange rate flexibility that was evident before 1990 has since stopped. An optimum currency area (OCA) model of exchange rate regime choice is estimated. Four different schemes for classifying exchange rate regime are investigated. Trends in the explanatory variables made little difference to the trend towards greater flexibility before 1990 but have worked against it since, largely because of the reduction in inflation. Underlying preferences are still shifting gradually in the direction of greater flexibility.

Suggested Citation

  • Michael Bleaney & Mo Tian & Lin Yin, 2015. "Global Trends in the Choice of Exchange Rate Regime," Discussion Papers 15/03, University of Nottingham, School of Economics.
  • Handle: RePEc:not:notecp:15/03
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    File URL: https://www.nottingham.ac.uk/economics/documents/discussion-papers/SDP15-03.pdf
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    Cited by:

    1. Ayoub Rabhi & Amina Haoudi, 2017. "Developing Economies Optimal Exchange Rate Regime: to Float or to Peg for Morocco?," Post-Print hal-02432744, HAL.
    2. Michael Bleaney & Mo Tian & Lin Yin, 2016. "Global Trends in the Choice of Exchange Rate Regime," Open Economies Review, Springer, vol. 27(1), pages 71-85, February.

    More about this item

    Keywords

    exchange rate regimes; inflation; openness JEL codes: F31;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange

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