Exchange Rate Regimes 20 years later: The prevalence of floats

Eduardo Levy Yeyati and Federico Sturzenegger ()
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Federico Sturzenegger: Universidad de San Andres and Harvard Kennedy School

No 166, Working Papers from Universidad de San Andres, Departamento de Economia

Abstract: De facto exchange rate classifications are a standard tool in international finance. In this paper we update our (2005) de facto classification through 2022. We find that the US dollar remains as valid as reference currency as it was during the Bretton Woods period. We also show that there has been a steady trend towards floating regimes with 20% more countries floating than 50 years ago. However, when adjusted by GDP, the share of floats has remained very high and stable over time, while fixed regimes have mostly been confined to smaller economies. We also find that discrepancies between de jure and de facto regimes is presently at an all time low.

Keywords: Exchange rate regimes; fear of floating; fear of appreciation (search for similar items in EconPapers)
JEL-codes: F30 F33 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2022-09, Revised 2023-11
New Economics Papers: this item is included in nep-opm
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https://webacademicos.udesa.edu.ar/pub/econ/doc166.pdf First version, September 2022 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:sad:wpaper:166

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