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Cover Art
E-RESOURCE
Author Ötker, Inci.

Title Exits From Pegged Regimes [electronic resource] : An Empirical Analysis / Inci Ötker.

Published Washington, D.C. : International Monetary Fund, 2003.

Copies

Location Call No. Status
 UniM INTERNET resource    AVAILABLE
Physical description 1 online resource (35 p.)
Series IMF Working Papers; Working Paper ; No. 03/147
IMF Working Papers; Working Paper ; No. 03/147
Summary Using countries' de facto exchange rate regimes during 1985-2002, this paper analyzes the determinants of exits from pegged regimes, where exits involve shifts to more or less flexible regimes, or adjustments within the existing regime. Distinguishing episodes characterized by "exchange market pressure" from orderly exits, the estimated probabilities of alternative exit episodes indicate that crises are preceded by a deterioration of economic conditions. In contrast, orderly exits to less flexible regimes are preceded by long regime duration, a decline in financial liabilities of the banking system, and an increase in official reserves. Exits to more flexible regimes are associated with both emerging market and other developing countries, and an increase in trade openness and government borrowing from banks. The results are robust to alternative sensitivity analyses and have reasonable predictive performance, confirming that economic and financial conditions and regime duration play important roles in determining the future course of exchange rate regimes.
Notes Description based on print version record.
Other author Ötker, Inci.
Duttagupta, Rupa.
Subject Determinants of Exits
Exchange Rate Regime
Exchange Rate Regimes
Exchange Rate
Flexible Exchange Rate
Floating Regimes
ISBN 145185675X : 15.00 USD
9781451856750
ISSN 1018-5941
Standard Number 10.5089/9781451856750.001