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The modern history of exchange rate arrangements: A reinterpretation

Carmen Reinhart () and Kenneth Rogoff ()

MPRA Paper from University Library of Munich, Germany

Abstract: We develop a novel system of reclassifying historical exchange rate regimes. One key difference between our study and previous classifications is that we employ monthly data on market-determined parallel exchange rates going back to 1946 for 153 countries. Our approach differs from the IMF official classification (which we show to be only a little better than random), it also differs radically from all previous attempts at historical reclassification. Our classification points to a rethinking of economic performance under alternative exchange rate regimes. Indeed, the breakup of Bretton Woods had less impact on exchange rate regimes than is popularly believed.

Keywords: exchange; rates; pegs; parallel; markets; floating; currency; crashes (search for similar items in EconPapers)
JEL-codes: E31 F31 F33 (search for similar items in EconPapers)
Date: 2004-02
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Published in Quarterly Journal of Economics 1.CXIX(2004): pp. 1-48

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Related works:
Journal Article: The Modern History of Exchange Rate Arrangements: A Reinterpretation (2004) Downloads
Working Paper: The Modern History of Exchange Rate Arrangements: A Reinterpretation (2002) Downloads
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