Exchange Rate Regime Durability and Performance in Developing Countries Versus Advanced Economies
Exchange Rate Regime Durability and Performance in Developing Countries Versus Advanced Economies
复制标题
发展中国家与发达经济体汇率制度的持久性和表现
DOI：
10.3386/w10673
复制
发表时间：
2004
期刊：
影响因子：
--
通讯作者：
Kenneth Rogoff
中科院分区：
文献类型：
--
作者：
A. Husain;A. Mody;Kenneth Rogoff
根据新的数据和汇率制度分类的进展，我们发现，随着国家变得更加富裕和金融更加发达，越来越灵活的汇率制度似乎会受益。对于很少接触国际资本市场的发展中国家来说，钉住汇率制以其持久性和相对较低的通货膨胀率而著称。相比之下，对于发达经济体来说，浮动显然更持久，而且似乎与更高的增长有关。对于新兴市场，我们的研究结果与巴克斯特和斯托克曼经典的汇率制度中性结果相似，尽管钉住汇率制最不持久，使各国面临更高的危机风险。
Drawing on new data and advances in exchange rate regimes' classification, we find that countries appear to benefit by having increasingly flexible exchange rate systems as they become richer and more financially developed. For developing countries with little exposure to international capital markets, pegs are notable for their durability and relatively low inflation. In contrast, for advanced economies, floats are distinctly more durable and also appear to be associated with higher growth. For emerging markets, our results parallel the Baxter and Stockman classic exchange regime neutrality result, though pegs are the least durable and expose countries to higher risk of crisis.