Exchange rate regime durability and performance in developing versus advanced economies

• 成果类型: Article; Proceedings Paper
• 署名作者: Husain, AM; Mody, A; Rogoff, KS
• 署名单位: International Monetary Fund; Harvard University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2004.07.001
• 发表日期: 2005
• 页码: 35-64
• 关键词: exchange rate regimes; CLASSIFICATION; durability; performance

摘要

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. (C) 2004 Elsevier B.V. All rights reserved.