Do Exchange Rate Regimes Matter for Economic Growth? - I regimi dei tassi di cambio influenzano la crescita economica?

Amit Ghosh ()
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Amit Ghosh: Department of Economics, Illinois Wesleyan University, Postal: 1312 Park St Bloomington, IL 61701 USA, http://iwu.edu/economics/

Economia Internazionale / International Economics, 2014, vol. 67, issue 3, 351-372

Abstract: The implications of exchange rate regimes on economic growth have received renewed attention in the aftermath of the recent global financial crisis. Creating both bivariate and tripartite regime classifications the present study examines their impact on growth for 156 nations spanning the period 1999-2012. Using several robustness checks including de facto measures of regime flexibility, I find fixed regimes lower growth in the full sample, advanced and low income countries as well as in Africa, South America, and North Central Americas and the Caribbean. On the other hand intermediate regimes promote growth in emerging markets and in the Asian continent. - Le implicazioni dei regimi dei tassi di cambio sulla crescita economica sono ritornati ad essere oggetto di analisi. Adottando una articolata classificazione dei regimi dei tassi di cambio questo lavoro ne esamina l’impatto sulla crescita per 156 paesi nel periodo 1999-2012. Controllando la robustezza dei modelli, comprese alcune misure de facto di flessibilità del regime di cambio, i risultati evidenziano che i regimi di cambi fissi rallentano la crescita, sia nei paesi ad economia avanzata che in quelli a basso reddito, ed anche in Africa, Sud America, Nord e Centro America e Caraibi. Regimi intermedi invece hanno promosso la crescita nei mercati emergenti e nei paesi asiatici.

Keywords: Advanced Economies; Economic Growth; Emerging Markets; Exchange Rate Regimes; De Facto Regime Flexibility; Low Income Countries; Panel Data Methods (search for similar items in EconPapers)
JEL-codes: E42 F33 F43 O40 O50 (search for similar items in EconPapers)
Date: 2014
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