The Modern History of Exchange Rate Arrangements: A Reinterpretation
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Reinhart, Carmen M.
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CitationReinhart, C. M., and K. S. Rogoff. 2004. “The Modern History of Exchange Rate Arrangements: A Reinterpretation.” The Quarterly Journal of Economics 119 (1) (February 1): 1–48.
AbstractWe 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.
Citable link to this pagehttp://nrs.harvard.edu/urn-3:HUL.InstRepos:34721963
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