Exits from Heavily Managed Exchange Rate Regimes

A widely held nostrum is that countries should exit heavily managed exchange rate regimes when the going is good, rather than when the exchange rate is under pressure to depreciate. Have countries followed this advice in practice? And, if so, how good has the going been? We find that in the past 25 ... Ausführliche Beschreibung

1. Person: Detragiache, Enrica
Weitere Personen: Mody, Ashoka; Okada, Eisuke
Format: E-Buch
Sprache: English
Veröffentlicht: Washington, D.C. International Monetary Fund 2005, 2005
Beschreibung: 24 p.
Serien: IMF Working Papers; Working Paper
Schlagworte: Exchange Rate Regimes
Exchange Rate Regime
Orderly
International Lending and Debt Problems
Exchange Rate
International Financial Statistics
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Zusammenfassung: A widely held nostrum is that countries should exit heavily managed exchange rate regimes when the going is good, rather than when the exchange rate is under pressure to depreciate. Have countries followed this advice in practice? And, if so, how good has the going been? We find that in the past 25 years or so, almost all exits to more flexible regimes were followed by a depreciation of the exchange rate, and that exits were about evenly divided between disorderly and orderly cases. A logit econometric model, indicates that the general circumstances of orderly and disorderly exits have been broadly similar: an overvalued real exchange rate, falling reserves, a difficult fiscal position, and high world interest rates. Wellestablished pegs were less likely to end
ISBN: 9781451860580
1451860587

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