Words vs. Deeds: What Really Matters?
This paper revisits the link between the nominal exchange rate regime and inflation, based on a sample of 145 emerging market and developing countries (EMDCs) over the period 1980-2010. We contend that, just as a de jure peg that is not backed by a de facto peg will have little value, de facto pegs...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2011
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 11/112 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | This paper revisits the link between the nominal exchange rate regime and inflation, based on a sample of 145 emerging market and developing countries (EMDCs) over the period 1980-2010. We contend that, just as a de jure peg that is not backed by a de facto peg will have little value, de facto pegs that lack the corresponding de jure will likewise reap few of the low inflation benefits associated with pegging the exchange rate. To test our hypothesis, we exploit a novel dataset of both de jure and de facto exchange rate regime classifications. We find that pegged exchange rates are associated with significantly lower inflation in EMDCs than flexible exchange rates, and that this effect is much stronger for de facto pegs that are matched by de jure pegs than for those that are not. When it comes to anchoring expectations and delivering low inflation, therefore, both deeds and words matter |
| Beschreibung: | 1 Online-Ressource (35 p) |
| ISBN: | 1455261416 9781455261413 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:21Z |
| indexdate | 2024-07-10T09:35:30Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Qureshi, Mahvash Saeed Verfasser aut Words vs. Deeds What Really Matters? Qureshi, Mahvash Saeed Washington, D.C International Monetary Fund 2011 1 Online-Ressource (35 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 11/112 This paper revisits the link between the nominal exchange rate regime and inflation, based on a sample of 145 emerging market and developing countries (EMDCs) over the period 1980-2010. We contend that, just as a de jure peg that is not backed by a de facto peg will have little value, de facto pegs that lack the corresponding de jure will likewise reap few of the low inflation benefits associated with pegging the exchange rate. To test our hypothesis, we exploit a novel dataset of both de jure and de facto exchange rate regime classifications. We find that pegged exchange rates are associated with significantly lower inflation in EMDCs than flexible exchange rates, and that this effect is much stronger for de facto pegs that are matched by de jure pegs than for those that are not. When it comes to anchoring expectations and delivering low inflation, therefore, both deeds and words matter Online-Ausg Ghosh, Atish R. Sonstige oth Tsangarides, Charalambos G. Sonstige oth http://elibrary.imf.org/view/IMF001/11820-9781455261413/11820-9781455261413/11820-9781455261413.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Qureshi, Mahvash Saeed Words vs. Deeds What Really Matters? |
| title | Words vs. Deeds What Really Matters? |
| title_auth | Words vs. Deeds What Really Matters? |
| title_exact_search | Words vs. Deeds What Really Matters? |
| title_exact_search_txtP | Words vs. Deeds What Really Matters? |
| title_full | Words vs. Deeds What Really Matters? Qureshi, Mahvash Saeed |
| title_fullStr | Words vs. Deeds What Really Matters? Qureshi, Mahvash Saeed |
| title_full_unstemmed | Words vs. Deeds What Really Matters? Qureshi, Mahvash Saeed |
| title_short | Words vs. Deeds |
| title_sort | words vs deeds what really matters |
| title_sub | What Really Matters? |
| url | http://elibrary.imf.org/view/IMF001/11820-9781455261413/11820-9781455261413/11820-9781455261413.xml |
| work_keys_str_mv | AT qureshimahvashsaeed wordsvsdeedswhatreallymatters AT ghoshatishr wordsvsdeedswhatreallymatters AT tsangaridescharalambosg wordsvsdeedswhatreallymatters |