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Exchange Rate Regime Transitions [PDF]
IMF Working Papers, 2000 Abstract The “hollowing-out”, or “two poles” hypothesis is tested in the context of a Markov chain model of exchange rate transitions. In particular, two versions of the hypothesis—that hard pegs are an absorbing state, or that fixes and floats form a closed set, with no transitions to intermediate regimes—are tested using two alternative ...
Paul R. Masson
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Taxation, corruption and the exchange rate regime [PDF]
Journal of Macroeconomics, 2009 The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve ...
Hefeker, Carsten
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Financial Fragility and the Exchange Rate Regime [PDF]
Journal of Economic Theory, 2000 We study financial fragility, exchange rate crises, and monetary policy in an open economy version of a Diamond-Dybvig model. The banking system, the exchange rate regime, and central bank credit policy are seen as parts of a mechanism intended to maximize social welfare; if the mechanism fails, banking crises and speculative attacks become possible ...
Roberto Chang, Andrés Velasco
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Dynamics of a Floating Exchange Rate Regime [PDF]
Journal of Political Economy, 1982 We study the full equilibrium dynamics of a two-country world economy with a floating exchange rate, traded and nontraded goods, and explicit modeling of the use of money. The resulting exchange rate equation depends on several details of the economic structure, such as the supply structure and propensities to spend on various goods.
Elhanan Helpman, Assaf Razin
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An Exploration in the Theory of Exchange-Rate Regimes [PDF]
Journal of Political Economy, 1981 Three exchange-rate regimes--a float, a one-sided peg, and a cooperative peg-are evaluated and compared in terms of efficiency and welfare levels. The framework of analysis embodies country-specific monies, with the money of each country being used to transact in its commodity markets and its currency-denominated bonds.
Elhanan Helpman
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Assessing China's Exchange Rate Regime [PDF]
Economic Policy, 2007 This paper examines two related issues: (a) the implicit methodology used by the U.S. Treasury in determining whether China and America's other trading partners manipulate their exchange rates, and (b) the nature of the Chinese exchange rate regime since
Jeffrey A. Frankel, Shang-Jin Wei
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Real Exchange Rates and Switching Regimes [PDF]
SSRN Electronic Journal, 2001 We suggest that the real exchange rate between the major currencies in the post-Bretton Woods period can be described by a stationary, two state Markov switching AR(1) model. Based on the forecast performance, both in-sample and out-of-sample, we find that this model out-performs two competing models where the real exchange rate is non-stationary.
Ulf Bergman, Jesper Hansson
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Verifying exchange rate regimes [PDF]
Journal of Development Economics, 2001 Credibility and transparency are at the core of the current debate on exchange rate regimes. Among the reasons why intermediate regimes have fallen out of favor, a possibly important one is that they are not transparent: it is difficult to verify them.
Jeffrey A. Frankel +3 more
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The Endogeneity of Exchange Rate Regimes
, 1993 The international monetary system has passed through a succession of phases characterized alternatively by the dominance of fixed and flexible exchange rates. How are these repeated shifts between fixed and flexible rate regimes to be understood? The present paper specifies and tests six hypotheses with the capacity to explain the alternating phases of
Barry Eichengreen
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Evolution and Performance of Exchange Rate Regimes
IMF Working Papers, 2003 Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability.
Aasim M. Husain +4 more
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