Exchange-Rate-Based Stabilization: A Critical Look at the Stylized Facts

A. Javier Hamann ()

IMF Staff Papers, 2001, vol. 48, issue 1, 4

Abstract: To address this question, this paper identifies stabilization episodes using criteria that differ from those in previous empirical studies of exchange-rate-based stabilizations. We find that, while some differences can be detected between exchange-rate-based stabilizations and stabilizations where the exchange rate is not the anchor, the behavior of important variables does not appear to differ - especially output growth, which is good in both cases. There is also no evidence that fiscal discipline is enhanced by adopting an exchange rate anchor, or that there are any systematic differences in the success records of stabilizations that use the exchange rate as a nominal anchor and those that do not. Copyright 2001, International Monetary Fund

JEL-codes: E31 E63 (search for similar items in EconPapers)
Date: 2001
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Citations: View citations in EconPapers (34)

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Working Paper: Exchange-Rate-Based Stabilization: A Critical Look at the Stylized Facts (1999)
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