Exploring different views of exchange rate regime choice

Carmignani, Fabrizio, Colombo, Emilio and Tirelli, Patrizio (2008) Exploring different views of exchange rate regime choice. Journal of International Money and Finance, 27 7: 1177-1197. doi:10.1016/j.jimonfin.2008.06.004

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Author Carmignani, Fabrizio
Colombo, Emilio
Tirelli, Patrizio
Title Exploring different views of exchange rate regime choice
Journal name Journal of International Money and Finance   Check publisher's open access policy
ISSN 0261-5606
Publication date 2008-11
Sub-type Article (original research)
DOI 10.1016/j.jimonfin.2008.06.004
Volume 27
Issue 7
Start page 1177
End page 1197
Total pages 21
Place of publication Kidlington, Oxford, UK
Publisher Elsevier Science
Language eng
Subject 150202 Financial Econometrics
1502 Banking, Finance and Investment
720103 Exchange rates
910104 Exchange Rates
140102 Macroeconomic Theory
Abstract The empirical distinction between de facto and de jure exchange rate regimes raises a number of interesting questions. Which factors may induce a de facto peg? Why do countries enforce a peg but do not announce it? Why do countries “break their promises”? We show that a stable socio-political environment and an efficient political decision-making process are a necessary prerequisite for choosing a peg and sticking to it, challenging the view that sees the exchange rate as a commitment device. Policymakers seem rather concerned with regime sustainability in the face of adverse economic and socio-political fundamentals.
Keyword Exchange rate regimes
de facto classification
Credibility
Consistency
Q-Index Code C1
Q-Index Status Provisional Code

Document type: Journal Article
Sub-type: Article (original research)
Collections: Excellence in Research Australia (ERA) - Collection
School of Economics Publications
 
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Citation counts: TR Web of Science Citation Count  Cited 17 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 25 times in Scopus Article | Citations
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Created: Thu, 12 Nov 2009, 12:08:16 EST by Maria Campbell on behalf of Faculty of Business, Economics & Law