The choice of exchange rate regimes in developing countries: A multinormal panel

被引：36

作者：

von Hagen, Juergen

Zhou, Jizhong

机构：

[1] Univ Bonn, Indiana Univ, D-53113 Bonn, Germany

[2] CEPR, D-53113 Bonn, Germany

[3] Shanghai Univ Finance & Econ, Shanghai 200433, Peoples R China

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2007年 / 26卷 / 07期

关键词：

exchange rate regimes; developing country; multinomial logit model; static and dynamic panel; simulation;

D O I：

10.1016/j.jimonfin.2007.05.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper analyses the choices of exchange rate regimes in developing countries since 1980. Static and dynamic random-effects multinomial panel models are estimated using simulation-based techniques. Explanatory variables include OCA fundamentals, stabilization considerations, currency crises factors, and political and institutional features. The results reveal strong state dependence in regime choices. We also find evidence for non-monotonic relationship between regime determinants and the degree of regime flexibility. (c) 2007 Elsevier Ltd. All rights reserved.

引用

页码：1071 / 1094

页数：24

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