English, Article, Journal or magazine article edition: The Survival of Intermediate Exchange Rate Regimes Agnes Benassy-Quere; Benoit Cœure

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Bookmark: http://trove.nla.gov.au/version/159621
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Survival of Intermediate Exchange Rate Regimes
Author
  • Agnes Benassy-Quere
  • Benoit Cœure
Physical Description
  • preprint
Notes
  • We propose a model of exchange-rate regime choice which accounts for the existence of a continuous range of regimes, the need for real exchange-rate adjustment in response to shocks, the existence of capital account shocks and of balance-sheet effects, the sensitivity of prices to the nominal exchange rate, and the need for a commitment to make any given regime sustainable. Non-ordered Logit estimations on a cross-section sample of 126 emerging and developed countries before and after 1997-1998 currency crises broadly support our approach.. Specifically, we find that there is still a case for intermediate regimes in countries where the interest rate channel is weaker and which do not depend too much on commodities. The empirical model correctly predicts up to 83% of observed exchange rate regimes, and the recent "hollowing out" of intermediate regimes. It also provides a benchmark to assess the recent changes in individual exchange rate regimes.
  • Exchange rate regime; Developing countries; Logit model
  • RePEc:cii:cepidt:2002-07
Language
  • English
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