Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/1298
Título: | Exchange rate regimes and monetary discipline - only hard pegs make a difference |
Autor(es): | Francisco, Manuela Bleaney, Michael |
Data: | 2003 |
Relatório da Série N.º: | Working paper series / NIPE 4 |
Resumo(s): | Previous research has suggested that pegged exchange rates are associated with lower inflation than floating rates. In which direction does the causality run? Using data from a large sample of developing countries from 1984 to 2000, we confirm that "hard" pegs (currency boards or a shared currency) reduce inflation and money growth. There is no evidence that "soft" pegs confer any monetary discipline. The choice between soft pegs and floats is determined by inflation: when inflation is low, pegs tend to be chosen and sustained, and when inflation is high, either floats are chosen or there are frequent regime switches. |
Tipo: | Documento de trabalho |
URI: | https://hdl.handle.net/1822/1298 |
Acesso: | Acesso aberto |
Aparece nas coleções: | NIPE - Documentos de Trabalho |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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mf_paper.pdf | 265,33 kB | Adobe PDF | Ver/Abrir |