Exchange Rate Regimes and Growth Collapses

Michael Bleaney, Sweta Saxena and Lin Yin

No 2016/02, Discussion Papers from University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)

Abstract: The loss of output in major recessions tends to be permanent. Using IMF de facto exchange rate regime classifications over the period 1980 to 2012 for up to 193 countries, it is shown that growth collapses are more frequent under less flexible exchange rate regimes, and particularly hard pegs. Our findings are robust to the marked shift in the pattern of growth collapses after the global financial crisis.

Keywords: exchange rate regimes; growth collapses; global financial crisis (search for similar items in EconPapers)
Date: 2016
New Economics Papers: this item is included in nep-opm
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Persistent link: https://EconPapers.repec.org/RePEc:not:notcfc:16/02

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