The Evolution of Exchange Rate Regimes Since 1990: Evidence From De Facto Policies

September 1, 2002

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Format: Chicago

Andrea Bubula, and Inci Ötker. The Evolution of Exchange Rate Regimes Since 1990: Evidence From De Facto Policies, (USA: International Monetary Fund, 2002) accessed September 18, 2024

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

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.

Subject: Conventional peg, Crawling peg, Currencies, Exchange rate arrangements, Exchange rates, Foreign exchange, Money

Keywords: Africa, Band regime, Bipolar view, Classification, Conventional peg, Country, Crawling peg, Currencies, De facto regimes, Exchange rate, Exchange rate arrangements, Exchange rate regime, Exchange rates, Exchange regime, Floating regime, Floats, Intermediate regime, Intermediate regimes, Peg regime, Pegs, Regime, Regime classification, WP

Publication Details

Pages:

44
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2002/155
Stock No:

WPIEA1552002
ISBN:

9781451857320
ISSN:

1018-5941

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