Mark my words: Information and the fear of declaring an exchange rate regime

• 成果类型: Article
• 署名作者: Meon, Pierre-Guillaume; Minne, Geoffrey
• 署名单位: Universite Libre de Bruxelles; Universite Libre de Bruxelles
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2013.12.005
• 发表日期: 2014
• 页码: 244-261
• 关键词: Official exchange rate regime; De facto exchange rate regime; press freedom; INFORMATION; fear of floating

摘要

This paper investigates the role of a free press and the circulation of information on the capacity of a country to declare an exchange regime that differs from the regime it implements de facto. We report consistent evidence that greater press freedom and easier access to information result in a lower probability of untruthfully reporting the de facto regime. These findings withstand a large set of robustness checks, including controlling for democracy and for the institutional and political environment, controlling for endogeneity, and using various estimation methods. The results are particularly strong for developing countries. (C) 2013 Elsevier B.V. All rights reserved.