Exchange rate regimes and monetary discipline - only hard pegs make a difference

Detalhes bibliográficos
Autor(a) principal: Francisco, Manuela
Data de Publicação: 2003
Outros Autores: Bleaney, Michael
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/1822/1298
Resumo: 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.
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spelling Exchange rate regimes and monetary discipline - only hard pegs make a differenceF41Previous 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.Universidade do MinhoFrancisco, ManuelaBleaney, Michael20032003-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/1822/1298enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-21T12:53:34Zoai:repositorium.sdum.uminho.pt:1822/1298Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T19:52:58.418988Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Exchange rate regimes and monetary discipline - only hard pegs make a difference
title Exchange rate regimes and monetary discipline - only hard pegs make a difference
spellingShingle Exchange rate regimes and monetary discipline - only hard pegs make a difference
Francisco, Manuela
F41
title_short Exchange rate regimes and monetary discipline - only hard pegs make a difference
title_full Exchange rate regimes and monetary discipline - only hard pegs make a difference
title_fullStr Exchange rate regimes and monetary discipline - only hard pegs make a difference
title_full_unstemmed Exchange rate regimes and monetary discipline - only hard pegs make a difference
title_sort Exchange rate regimes and monetary discipline - only hard pegs make a difference
author Francisco, Manuela
author_facet Francisco, Manuela
Bleaney, Michael
author_role author
author2 Bleaney, Michael
author2_role author
dc.contributor.none.fl_str_mv Universidade do Minho
dc.contributor.author.fl_str_mv Francisco, Manuela
Bleaney, Michael
dc.subject.por.fl_str_mv F41
topic F41
description 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.
publishDate 2003
dc.date.none.fl_str_mv 2003
2003-01-01T00:00:00Z
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status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/1822/1298
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dc.language.iso.fl_str_mv eng
language eng
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