Exchange rate regime durability and performance in developing versus advanced economies

被引：120

作者：

Husain, AM

Mody, A ^{[1
]}

Rogoff, KS

机构：

[1] Int Monetary Fund, Res Dept, Washington, DC 20431 USA

[2] Harvard Univ, Dept Econ, Cambridge, MA 02138 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2005年 / 52卷 / 01期

关键词：

exchange rate regimes; classification; durability; performance;

D O I：

10.1016/j.jmoneco.2004.07.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

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.

引用

页码：35 / 64

页数：30