Exits From Pegged Regimes: An Empirical Analysis
Using countries'' de facto exchange rate regimes during 1985-2002, this paper analyzes the determinants of exits from pegged regimes, where exits involve shifts to more or less flexible regimes, or adjustments within the existing regime. Distinguishing episodes characterized by ""...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2003
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 03/147 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Using countries'' de facto exchange rate regimes during 1985-2002, this paper analyzes the determinants of exits from pegged regimes, where exits involve shifts to more or less flexible regimes, or adjustments within the existing regime. Distinguishing episodes characterized by ""exchange market pressure"" from orderly exits, the estimated probabilities of alternative exit episodes indicate that crises are preceded by a deterioration of economic conditions. In contrast, orderly exits to less flexible regimes are preceded by long regime duration, a decline in financial liabilities of the banking system, and an increase in official reserves. Exits to more flexible regimes are associated with both emerging market and other developing countries, and an increase in trade openness and government borrowing from banks. The results are robust to alternative sensitivity analyses and have reasonable predictive performance, confirming that economic and financial conditions and regime duration play important roles in determining the future course of exchange rate regimes |
| Beschreibung: | 1 Online-Ressource (35 p) |
| ISBN: | 145185675X 9781451856750 |
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| index_date | 2024-07-03T20:13:29Z |
| indexdate | 2024-07-10T09:35:38Z |
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| series2 | IMF Working Papers |
| spelling | Ötker, Inci Verfasser aut Exits From Pegged Regimes An Empirical Analysis Ötker, Inci Washington, D.C International Monetary Fund 2003 1 Online-Ressource (35 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 03/147 Using countries'' de facto exchange rate regimes during 1985-2002, this paper analyzes the determinants of exits from pegged regimes, where exits involve shifts to more or less flexible regimes, or adjustments within the existing regime. Distinguishing episodes characterized by ""exchange market pressure"" from orderly exits, the estimated probabilities of alternative exit episodes indicate that crises are preceded by a deterioration of economic conditions. In contrast, orderly exits to less flexible regimes are preceded by long regime duration, a decline in financial liabilities of the banking system, and an increase in official reserves. Exits to more flexible regimes are associated with both emerging market and other developing countries, and an increase in trade openness and government borrowing from banks. The results are robust to alternative sensitivity analyses and have reasonable predictive performance, confirming that economic and financial conditions and regime duration play important roles in determining the future course of exchange rate regimes Online-Ausg Duttagupta, Rupa Sonstige oth http://elibrary.imf.org/view/IMF001/02218-9781451856750/02218-9781451856750/02218-9781451856750.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Ötker, Inci Exits From Pegged Regimes An Empirical Analysis |
| title | Exits From Pegged Regimes An Empirical Analysis |
| title_auth | Exits From Pegged Regimes An Empirical Analysis |
| title_exact_search | Exits From Pegged Regimes An Empirical Analysis |
| title_exact_search_txtP | Exits From Pegged Regimes An Empirical Analysis |
| title_full | Exits From Pegged Regimes An Empirical Analysis Ötker, Inci |
| title_fullStr | Exits From Pegged Regimes An Empirical Analysis Ötker, Inci |
| title_full_unstemmed | Exits From Pegged Regimes An Empirical Analysis Ötker, Inci |
| title_short | Exits From Pegged Regimes |
| title_sort | exits from pegged regimes an empirical analysis |
| title_sub | An Empirical Analysis |
| url | http://elibrary.imf.org/view/IMF001/02218-9781451856750/02218-9781451856750/02218-9781451856750.xml |
| work_keys_str_mv | AT otkerinci exitsfrompeggedregimesanempiricalanalysis AT duttaguptarupa exitsfrompeggedregimesanempiricalanalysis |