How Reliable are De Facto Exchange Rate Regime Classifications?

Barry Eichengreen and Raul Razo-Garcia

No 17318, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We analyze disagreements over de facto exchange-rate-regime classifications using three popular de facto regime data series. While there is a moderate degree of concurrence across classifications, disagreements are not uncommon, and they are not random. They are most prevalent in middle-income countries (emerging markets) and low-income (developing) countries as opposed to advanced economies. They are most prevalent for countries with well-developed financial markets, low reserves and open capital accounts. This suggests caution when attempting to relate the exchange rate regime to financial development, the openness of the financial account, and reserve management and accumulation decisions.

JEL-codes: F0 F31 (search for similar items in EconPapers)
Date: 2011-10
New Economics Papers: this item is included in nep-mon
Note: IFM
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Citations: View citations in EconPapers (14)

Published as Barry Eichengreen & Raul RazoâGarcia, 2013. "How Reliable Are De Facto Exchange Rate Regime Classifications?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 18(3), pages 216-239, 07.

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Journal Article: HOW RELIABLE ARE DE FACTO EXCHANGE RATE REGIME CLASSIFICATIONS? (2013)
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