Global Financial Cycles and the Exchange Rate Regime: A Perspective from Emerging Markets
Jonathan Ostry () and
AEA Papers and Proceedings, 2018, vol. 108, 499-504
This paper examines the claim that exchange rate regimes are of little relevance in the transmission of global financial conditions to domestic financial and macroeconomic conditions. Our findings suggest that exchange rate regimes do matter, at least for emerging market economies. The transmission of global financial shocks to domestic variables is magnified under fixed exchange rate regimes relative to more flexible regimes. For advanced economies, however, the jury is still out, as the recent paucity of truly fixed regimes among these economies poses a challenge for estimating the effect of exchange rate flexibility.
JEL-codes: E32 E44 F33 F44 (search for similar items in EconPapers)
Note: DOI: 10.1257/pandp.20181057
References: Add references at CitEc
Citations: View citations in EconPapers (5) Track citations by RSS feed
Downloads: (external link)
https://www.aeaweb.org/articles/attachments?retrie ... Ceq3wB59jP7EczucJGfw (application/zip)
https://www.aeaweb.org/articles/attachments?retrie ... 2X6VJgUfK3z8fGPiMm3n (application/pdf)
https://www.aeaweb.org/articles/attachments?retrie ... Us5wo_kx_HbPKR7OHQ-g (application/zip)
Access to full text is restricted to AEA members and institutional subscribers.
Working Paper: Global Financial Cycles and the Exchange Rate Regime: A Perspective from Emerging Markets (2018)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:aea:apandp:v:108:y:2018:p:499-504
Ordering information: This journal article can be ordered from
Access Statistics for this article
AEA Papers and Proceedings is currently edited by William Johnson and Kelly Markel
More articles in AEA Papers and Proceedings from American Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Michael P. Albert ().