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 ()
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Jean-Pierre Allegret: GATE - Groupe d'analyse et de théorie économique - UL2 - Université Lumière - Lyon 2 - ENS LSH - Ecole Normale Supérieure Lettres et Sciences Humaines - CNRS - Centre National de la Recherche Scientifique
Leila Haouaoui Khouni: ISG - Institut supérieur de gestion - Université de Tunis

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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; régimes de change; pays émergents; pays en développement; modèle logit multinomial (search for similar items in EconPapers)
Date: 2008
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00303718
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Published in 2008

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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)
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)
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