Are Monetary Rules and Reforms Complements or Substitutes? A Panel Analysis for the World versus OECD Countries

Ansgar Belke (), Bernhard Herz () and Lukas Vogel ()

Working Papers from Oesterreichische Nationalbank (Austrian Central Bank)

Abstract: This paper investigates the relationship between the exchange rate regime and the degree of structural reforms using panel data techniques. We look at a broad sample of countries (the “world sample”) and also an OECD sample. Our main findings suggest that adopting a fixed exchange rate rule is positively correlated with the degree of overall structural reforms and the trade component. The paper also highlights the fact that considering a heterogeneous panel of countries as opposed to a limited does not matter for this results.

New Economics Papers: this item is included in nep-cba, nep-ifn, nep-knm, nep-mac and nep-mon
Date: 2006-06-07
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Persistent link: http://EconPapers.repec.org/RePEc:onb:oenbwp:129

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