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The Evolution of Exchange Rate Regimes Since 1990: Evidence From De Facto Policies
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Author/Editor: |
Bubula, Andrea | Ötker, Inci |
| Authorized for Distribution: |
September 1, 2002 |
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Electronic Access: |
Free Full Text (PDF file size is 1,554KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: This paper presents a monthly database on de facto exchange rate regimes that covers all IMF members since 1990. Information from IMF country reports and other sources, including exchange rate data, is utilized to determine de facto exchange rate policies. Countries are categorized based on these policies using the IMF nomenclature adopted in 1999. This approach ensures the forward compatibility of the database. The database is then used to examine whether the "bipolar view" of exchange regimes holds with de facto regimes. It is found that the proportion of countries adopting "intermediate" regimes has indeed been shrinking in favor of greater flexibility or greater fixity, especially for countries more integrated with international markets. Analyses based on Markov chains of regime transitions, however, provide (mixed) evidence against the bipolar view.
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Series: |
Working Paper No. 02/155 |
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Subject(s): |
Exchange rate regimes | Exchange rate policy | Flexible exchange rates | Floating exchange rates | Currency pegs |
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Author's keyword(s): |
Exchange rates | de facto regimes | bipolar view | pegs | floats | intermediate regimes |
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Published: |
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September 1, 2002 |
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ISBN/ISSN: |
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1934-7073 |
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Format: |
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Paper |
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Stock No: |
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WPIEA1552002 |
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Pages: |
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44 |
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Price: |
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US$15.00
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Price Delivery Note: |
Prepayment required for individual copies. An annual subscription is $375.00 a year. It includes 12 monthly shipments and priority mail delivery. The Stock No. for the subscription is WPEA. |
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