The modern history of exchange rate arrangements: A reinterpretation

被引:752
作者
Reinhart, CM [1 ]
Rogoff, KS
机构
[1] Univ Maryland, College Pk, MD 20742 USA
[2] Harvard Univ, Cambridge, MA 02138 USA
关键词
D O I
10.1162/003355304772839515
中图分类号
F [经济];
学科分类号
02 ;
摘要
We develop a novel system of reclassifying historical exchange rate regimes. One key difference between our study and previous classifications is that we employ monthly data on market-determined parallel exchange rates going back to 1946 for 153 countries. Our approach differs from the IMF official classification (which we show to be only a little better than random); it also differs radically from all previous attempts at historical reclassification. Our classification points to a rethinking of economic performance under alternative exchange rate regimes. Indeed, the breakup of Bretton Woods had less impact on exchange rate regimes than is popularly believed.
引用
收藏
页码:1 / 48
页数:48
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