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Le choix d’un régime de change dans les pays émergents et en développement peut-il être optimal en dehors des solutions bi-polaires ?

Jean-Pierre Allegret (), Mohamed Ayadi () and Leila Haouaoui Khouni ()
Additional contact information
Leila Haouaoui Khouni: Université de Tunis, Institut supérieur de gestion (ISG)

No 819, Working Papers from Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon

Abstract: This paper studies the choice of the exchange rate regime in emerging and developing countries. The literature on exchange rate regimes is often based either on theoretical models or on empirical analysis. Our paper presents a different perspective by developing a theoretical model which is tested empirically. We consider the main determinants of the exchange rate regime: the pass-through, the relative volatility of nominal and real shocks, the discretionary bias, the credit channel and the balance-sheet effect. The model is tested with a logit multinomial approach on a sample of 43 emerging and developing countries. We determine the probability of occurrence of a given exchange rate regime in taking into account the preceding determinants identified with the theoretical model. Overall, our results suggest that intermediate regimes are the regimes the best adapted to developing and emerging countries.

Keywords: Exchange rate regimes; Emerging countries; Developing countries; Logit multinomial model (search for similar items in EconPapers)
JEL-codes: F33 F41 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba and nep-ifn
Date: 2008
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ftp://ftp.gate.cnrs.fr/RePEc/2008/0819.pdf (application/pdf)

Related works:
Journal Article: Le choix d'un régime de change dans les pays émergents et en développement peut-il être optimal en dehors des solutions bipolaires ? (2011) Downloads
Working Paper: Le choix d'un régime de change dans les pays émergents et en développement peut-il être optimal en dehors des solutions bi-polaires ? (2011)
Working Paper: Le choix d'un régime de change dans les pays émergents et en développement peut-il être optimal en dehors des solutions bi-polaires ? (2008) Downloads
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