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

IMF Working Papers, September 1, 2002

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Presents a monthly database on de facto exchange rate regimes that covers all IMF members since 1990.
Information sources: IMF country reports and other sources, including exchange rate data.
Countries are categorized using the IMF nomenclature adopted in 1999 to ensure forward compatibility of the database.

De facto exchange rate policies are determined from reported information and observed exchange rate behavior.
Classification follows IMF nomenclature adopted in 1999.
Analyses include examination of regime prevalence and Markov chain analyses of regime transitions.

The proportion of countries adopting "intermediate" regimes has been shrinking in favor of greater flexibility or greater fixity.
The shift away from intermediate regimes is especially pronounced for countries more integrated with international markets.
Markov chain analyses of regime transitions provide mixed evidence against the "bipolar view" of exchange regimes.

Subjects: 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.

The Evolution of Exchange Rate Regimes Since 1990: Evidence from De facto Policies - WP/02/155
- The Evolution of Exchange Rate Regimes Since 1990: Evidence from De facto Policies - WP/02/155 (Markdown version)
- The Evolution of Exchange Rate Regimes Since 1990: Evidence from De facto Policies - WP/02/155 (PDF)