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Transitions in Exchange Rate Regimes in the Aftermath of the Global Economic Crisis

Bird, Graham and Mandilaras, Alexandros (2014) Transitions in Exchange Rate Regimes in the Aftermath of the Global Economic Crisis Applied Economics Letters, 22 (7). pp. 567-571.

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Abstract

Has the global economic crisis resulted in countries shifting their exchange rate regimes and, if so, in what way? Focusing on the relevant period of 2008-12, and using the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) classification of exchange rate regimes and database, we calculate exchange rate regime transition probabilities and test their statistical significance. Even though there is some evidence of state de- pendence, in the sense that transitions are relatively infrequent, we do find that these are significant, especially in the direction of fixity. Our testing procedure employs the Wilson (1927) statistic, which is appropriate for draw- ing inference based on relatively rare events. By examining all transitions in detail, we also find further evidence that countries that shift often flip back to their previous regime.

Item Type: Article
Divisions : Faculty of Arts and Social Sciences > School of Economics
Authors :
NameEmailORCID
Bird, GrahamG.Bird@surrey.ac.ukUNSPECIFIED
Mandilaras, AlexandrosA.Mandilaras@surrey.ac.ukUNSPECIFIED
Date : 22 September 2014
Identification Number : 10.1080/13504851.2014.957438
Copyright Disclaimer : This is an Accepted Manuscript of an article published by Taylor & Francis in Applied Economics Letters on 22 September 2014, available online: http://www.tandfonline.com/10.1080/13504851.2014.957438
Depositing User : Symplectic Elements
Date Deposited : 27 Feb 2015 18:02
Last Modified : 22 Aug 2017 14:28
URI: http://epubs.surrey.ac.uk/id/eprint/805927

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