From Fixed to Float: A Competing Risks Analysis

Terence Tai Leung Chong, Qing He () and Wing Chan ()

MPRA Paper from University Library of Munich, Germany

Abstract: This paper examines the determinants of exchange rate regime of a country. A competing risks model (CRM) is estimated. It is found that the way a country exits a fixed exchange rate regime is affected nonlinearly by the duration of the peg. In addition, countries with a lower growth rate of reserves, more incidences of banking crises, higher trade concentration and lower degree of capital-account liberalisation are more likely to have a crisis-driven exit.

Keywords: Competing risks model; Duration dependence; Orderly exits; Crisis-driven exits; Kaplan-Meier estimators. (search for similar items in EconPapers)
JEL-codes: F31 (search for similar items in EconPapers)
Date: 2014-12-22
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https://mpra.ub.uni-muenchen.de/60824/1/MPRA_paper_60824.pdf original version (application/pdf)

Related works:
Journal Article: From Fixed to Float: A Competing Risks Analysis (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:60824

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