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Are Monetary Rules and Reforms Complements or Substitutes? A Panel Analysis for the World versus OECD Countries

  • Ansgar Belke

    ()

    (University of Hohenheim (Department of Economics), Stuttgart/Germany)

  • Bernhard Herz

    (University of Bayreuth)

  • Lukas Vogel

    (University of Bayreuth)

This paper investigates the relationship between the exchange rate regime and the degree of structural reforms using panel data techniques. We look at a broad sample of countries (the “world sample”) and also an OECD sample. Our main findings suggest that adopting a fixed exchange rate rule is positively correlated with the degree of overall structural reforms and the trade component. The paper also highlights the fact that considering a heterogeneous panel of countries as opposed to a limited does not matter for this results.

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File URL: http://www.oenb.at/dms/oenb/Publikationen/Volkswirtschaft/Working-Papers/2006/Working-Paper-129/fullversion/wp129_tcm16-45583.pdf
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Paper provided by Oesterreichische Nationalbank (Austrian Central Bank) in its series Working Papers with number 129.

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Length: 51
Date of creation: 06 Jul 2006
Date of revision:
Handle: RePEc:onb:oenbwp:129
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  10. Svensson, Lars E O, 1997. "Optimal Inflation Targets, "Conservative" Central Banks, and Linear Inflation Contracts," American Economic Review, American Economic Association, vol. 87(1), pages 98-114, March.
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  18. Bentolila, Samuel & Saint-Paul, Gilles, 2000. "Will EMU Increase Eurosclerosis?," CEPR Discussion Papers 2423, C.E.P.R. Discussion Papers.
  19. Alogoskoufis, George S & Lockwood, Ben & Philippopoulos, Apostolis, 1992. "Wage Inflation, Electoral Uncertainty and the Exchange Rate Regime: Theory and UK Evidence," Economic Journal, Royal Economic Society, vol. 102(415), pages 1370-94, November.
  20. Dornbusch, Rudiger & Favero, Carlo A. & Giavazzi, Francesco, 1998. "A Red Letter Day?," CEPR Discussion Papers 1804, C.E.P.R. Discussion Papers.
  21. Pitlik, Hans & Wirth, Steffen, 2003. "Do crises promote the extent of economic liberalization?: an empirical test," European Journal of Political Economy, Elsevier, vol. 19(3), pages 565-581, September.
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  23. Alberto Alesina & Howard Rosenthal, 1988. "Partisan Cycles in Congressional Elections and the Macroeconomy," NBER Working Papers 2706, National Bureau of Economic Research, Inc.
  24. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  25. Witold J. Henisz, 2002. "The institutional environment for infrastructure investment," Industrial and Corporate Change, Oxford University Press, vol. 11(2), pages 355-389.
  26. Roubini, Nouriel & Alesina, Alberto, 1992. "Political Cycles in OECD Economies," Scholarly Articles 4553025, Harvard University Department of Economics.
  27. Beck, Thorsten & Clarke, George & Groff, Alberto & Keefer, Philip & Walsh, Patrick, 2000. "New tools and new tests in comparative political economy - the database of political institutions," Policy Research Working Paper Series 2283, The World Bank.
  28. Rosenthal, Howard & Alesina, Alberto, 1989. "Partisan Cycles in Congressional Elections and the Macroeconomy," Scholarly Articles 4553031, Harvard University Department of Economics.
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