De Facto Exchange Rate Regime Classifications: An Evaluation

Michael Bleaney, Mo Tian and Lin Yin ()
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Lin Yin: Beijing Normal University

Open Economies Review, 2017, vol. 28, issue 2, No 8, 369-382

Abstract: Abstract There exist several statistically-based exchange rate regime classifications that disagree with one another to a disappointing degree. To what extent is this a matter of the quality of the design of these schemes, and to what extent does it reflect the need to supplement statistics with other information (as is done in the IMF’s de facto classification)? It is shown that statistical methods are good at the basics (distinguishing some type of peg from some type of float), but less helpful in other respects, such as determining whether a float is managed, particularly for countries that are not very remote from their main trading partners. Different measures of exchange rate volatility have been used but are not primarily responsible for differences between classifications. The theoretical underpinning of particular classification schemes needs to be more explicit.

Keywords: Exchange rate regimes; Trade; Volatility (search for similar items in EconPapers)
JEL-codes: F31 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (10)

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DOI: 10.1007/s11079-016-9427-7

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