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 Centre for Economic Policy Research

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: Exchange rate regimes; Developing countries; Multinomial logit model; Static and dynamic panel; Simulation (search for similar items in EconPapers)
JEL-codes: C25 F33 F41 (search for similar items in EconPapers)
Date: 2004-02
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Citations: View citations in EconPapers (10)

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