The Modern History of Exchange Rate Arrangements: A Reinterpretation

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The Modern History of Exchange Rate Arrangements: A Reinterpretation

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Title: The Modern History of Exchange Rate Arrangements: A Reinterpretation
Author: Reinhart, Carmen M.; Rogoff, Kenneth S.

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Citation: Reinhart, 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.
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Abstract: 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.
Published Version: http://dx.doi.org/10.1162/003355304772839515
Citable link to this page: http://nrs.harvard.edu/urn-3:HUL.InstRepos:34721963
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