The Classification and Perfomance of Alternative Exchange-Rate Systems

George S. Tavlas, Harris Dellas and Alan Stockman
Additional contact information
Alan Stockman: University of Rochester

No 90, Working Papers from Bank of Greece

Abstract: Owing to dissatisfaction with the IMF’s de jure classification of exchange-rate regimes, a substantial literature has emerged presenting de facto classifications of exchange-rate systems and using the latter classifications to compare performances of alternative regimes in terms of key macroeconomic variables. This paper critically reviews the literature on de facto regimes. In particular the paper (1) describes the main methodologies that have been used to construct de facto codings, (2) surveys the empirical literature generated by de facto regime codings, and (3) lays-out the problems inherent in constructing de facto classifications. The empirical literature is found to yield few robust findings. We argue that the as-yet unfulfilled objective of this literature, and the major research agenda for the future in this area, lies in the need of a more thorough investigation of the degree of monetary-policy independence without relying exclusively on movements in exchange rates, an agenda the attainment of which is made especially challenging because of the lack of comprehensive and reliable data on reserves and interest rates.

Keywords: Exchange-rate regimes; Economic growth; Inflation; Bipolar hypothesis (search for similar items in EconPapers)
JEL-codes: F3 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-ifn and nep-mon
Date: Written
View list of references View citations in EconPapers

Downloads: (external link)
http://www.bankofgreece.gr/BogEkdoseis/Paper200890.pdf Full Text (application/pdf)

Related works:
Journal Article: The classification and performance of alternative exchange-rate systems (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:bog:wpaper:90

Access Statistics for this paper

More papers in Working Papers from Bank of Greece
Contact information at EDIRC.
Series data maintained by Christina Tsochatzi ().