Exchange Rate Flexibility and the Speed of Adjustment
Mohsen Bahmani-Oskooee ()
Kyklos, 1988, vol. 41, issue 1, 35-49
The purpose of this paper is to provide some empirical justification for the supposition that speed adjustment of actual rese rves to a desired level is postitively related to the degree of excha nge rate flexibility. This is done in two alternative ways. First, th e speed of adjustment is estimated for both fixed- and floating-rate periods and it is shown that for most countries its estimates are hig her for the later period. Second, using cross-country regression anal ysis, it is shown that measure of exchange-rate flexibility exerts si gnificantly positive effect on the speed of adjustment of reserves. Copyright 1988 by WWZ and Helbing & Lichtenhahn Verlag AG
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