The Choice of Exchange Rate Regime in Developing Countries: A Multinational Panel Analysis

Juergen von Hagen () and Jizhong Zhou

No 4227, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This Paper analyses the choices of exchange rate regimes in developing countries since 1980. Static and dynamic random-effects multinomial panel models are estimated using simulation-based techniques. Explanatory variables include OCA fundamentals, stabilization considerations, currency crises factors, and political and institutional features. The results reveal strong state dependence in regime choices.

Keywords: developing countries; exchange rate regimes; multinomial logit model; simulation; static and dynamic panel (search for similar items in EconPapers)
JEL-codes: C25 F33 F41 (search for similar items in EconPapers)
Date: Written
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