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Global Trends in the Choice of Exchange Rate Regime

Author

Listed:
  • Michael Bleaney
  • Mo Tian
  • Lin Yin

Abstract

The raw data suggest that the global trend towards greater exchange rate flexibility that was evident before 1990 has since stopped. An optimum currency area (OCA) model of exchange rate regime choice is estimated. Four different schemes for classifying exchange rate regime are investigated. Trends in the explanatory variables made little difference to the trend towards greater flexibility before 1990 but have worked against it since, largely because of the reduction in inflation. Underlying preferences are still shifting gradually in the direction of greater flexibility. Copyright Springer Science+Business Media New York 2016

Suggested Citation

  • Michael Bleaney & Mo Tian & Lin Yin, 2016. "Global Trends in the Choice of Exchange Rate Regime," Open Economies Review, Springer, vol. 27(1), pages 71-85, February.
    • Handle: RePEc:kap:openec:v:27:y:2016:i:1:p:71-85
    DOI: 10.1007/s11079-015-9375-7
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    Cited by:

    1. Michael Bleaney & Mo Tian, 2020. "Exchange Rate Flexibility: How Should We Measure It?," Open Economies Review, Springer, vol. 31(4), pages 881-900, September.
    2. Ayoub Rabhi & Amina Haoudi, 2017. "Developing Economies Optimal Exchange Rate Regime: to Float or to Peg for Morocco?," Post-Print hal-02432744, HAL.
    3. Michael F. Bleaney & Mo Tian & Lin Yin, 2017. "De Facto Exchange Rate Regime Classifications: An Evaluation," Open Economies Review, Springer, vol. 28(2), pages 369-382, April.

    More about this item

    Keywords

    Exchange rate regimes; Inflation; Openness; F31;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange

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