Classifying exchange rate regimes: deeds vs. words

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Most of the empirical literature on exchange rate regimes uses the IMF de jure classification based on the regime announced by the governments, despite the recognized inconsistencies between reported and actual policies in many cases. To address this problem, we construct a de facto classification b...

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Autores principales: Levy Yeyati, Eduardo, Sturzenegger, Federico
Formato: Documento de trabajo acceptedVersion
Publicado: Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF) 2017
Materias:
Tipo de cambio
Acceso en línea:http://repositorio.utdt.edu/handle/utdt/6278
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Repositorio Digital Universidad Torcuato Di Tella de Universidad Torcuato Di Tella
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record_format dspace
institution Universidad Torcuato Di Tella
institution_str I-57
repository_str R-163
collection Repositorio Digital Universidad Torcuato Di Tella
topic Tipo de cambio
spellingShingle Tipo de cambio
Levy Yeyati, Eduardo
Sturzenegger, Federico
Classifying exchange rate regimes: deeds vs. words
description Most of the empirical literature on exchange rate regimes uses the IMF de jure classification based on the regime announced by the governments, despite the recognized inconsistencies between reported and actual policies in many cases. To address this problem, we construct a de facto classification based on data on exchange rates and international reserves from all IMF-reporting countries over the period 1974-2000, which we believe provides a meaningful alternative for future empirical work on the topic. The classification sheds new light on several stylized facts previously reported in the literature. In particular, we find that the de facto pegs have remained stable throughout the last decade, although an increasing number of them shy away from an explicit commitment to a fixed regime, a phenomenon we call “fear of pegging.” We confirm the hollowing out hypothesis and show that, as expected, it does not apply to countries with limited access to capital markets. We also find that pure floats are associated with only relatively minor nominal exchange rate volatility and that the recent increase in the number of de jure floats goes hand in hand with an increase in the number of de facto dirty floats (“fear of floating”).
format Documento de trabajo
acceptedVersion
author Levy Yeyati, Eduardo
Sturzenegger, Federico
author_facet Levy Yeyati, Eduardo
Sturzenegger, Federico
author_sort Levy Yeyati, Eduardo
title Classifying exchange rate regimes: deeds vs. words
title_short Classifying exchange rate regimes: deeds vs. words
title_full Classifying exchange rate regimes: deeds vs. words
title_fullStr Classifying exchange rate regimes: deeds vs. words
title_full_unstemmed Classifying exchange rate regimes: deeds vs. words
title_sort classifying exchange rate regimes: deeds vs. words
publisher Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF)
publishDate 2017
url http://repositorio.utdt.edu/handle/utdt/6278
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