TY - JOUR
T1 - Exchange rate regime classifications and exchange rate variability
AU - You, Yu
AU - Kim, Yoonbai
AU - Hou, Lei
N1 - Publisher Copyright:
© 2015 Taylor & Francis.
Copyright:
Copyright 2016 Elsevier B.V., All rights reserved.
PY - 2016/3/23
Y1 - 2016/3/23
N2 - It is well known that the exchange rate regime (ERR) declared to the IMF is often different from the actual regime. Several alternative schemes for de facto regime classification have been developed. In this article, we compare the ability of four popular schemes to track exchange rate variability (ERV). We find that the existing ERR classifications do not match well with the degree of ERV, especially for intermediate regimes. For instance, in the Levy-Yeyati and Sturzenegger (2003) coding, the intermediate regimes exhibit greater ERV than the floaters. On the other hand, for the Reinhart and Rogoff (2004) coding, the fixers show greater variability than some intermediates.
AB - It is well known that the exchange rate regime (ERR) declared to the IMF is often different from the actual regime. Several alternative schemes for de facto regime classification have been developed. In this article, we compare the ability of four popular schemes to track exchange rate variability (ERV). We find that the existing ERR classifications do not match well with the degree of ERV, especially for intermediate regimes. For instance, in the Levy-Yeyati and Sturzenegger (2003) coding, the intermediate regimes exhibit greater ERV than the floaters. On the other hand, for the Reinhart and Rogoff (2004) coding, the fixers show greater variability than some intermediates.
KW - Exchange rate regimes
KW - exchange rate variability
UR - http://www.scopus.com/inward/record.url?scp=84952299453&partnerID=8YFLogxK
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U2 - 10.1080/13504851.2015.1073833
DO - 10.1080/13504851.2015.1073833
M3 - Article
AN - SCOPUS:84952299453
VL - 23
SP - 336
EP - 340
IS - 5
ER -