Crises and exchange rate regimes: time to break down the bipolar view?

Jean-Louis Combes, Alexandru Minea and Moussé Sow

Applied Economics, 2016, vol. 48, issue 46, 4393-4409

Abstract: We revisit the link between crises and exchange rate regimes (ERR). Using a wide panel of 90 developed and developing countries over the period 1980–2009, we find that corner ERR are not more prone to crises compared to intermediate ERR. This finding holds for different types of crises (banking, currency and debt), and is robust to a wide set of alternative specifications. Consequently, we clearly break down the traditional bipolar view: countries that aim at preventing crisis episodes should focus less on the choice of the ERR, and instead implement sound structural macroeconomic policies.

Date: 2016
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Related works:
Working Paper: Crises and exchange rate regimes: Times to break down the bipolar view? (2016)
Working Paper: Crises and Exchange Rate Regimes: Time to break down the bipolar view? (2015)
Working Paper: Crises and Exchange Rate Regimes: Time to break down the bipolar view? (2015)
Working Paper: Crises and Exchange Rate Regimes: Time to break down the bipolar view? (2013)
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DOI: 10.1080/00036846.2016.1158917

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