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dc.rights.licensehttp://rightsstatements.org/page/InC/1.0/?language=eses_AR
dc.contributor.authorLevy Yeyati, Eduardoes_AR
dc.contributor.authorSturzenegger, Federicoes_AR
dc.contributor.authorRegio, Ilianaes_AR
dc.date.accessioned2018-03-30T20:58:25Z
dc.date.available2018-03-30T20:58:25Z
dc.date.issued2002
dc.identifier.urihttp://repositorio.utdt.edu/handle/utdt/10759
dc.description.abstractThe literature has identified at least five approaches to the determinants of the choice of exchange rate regimes: i) optimal currency area theory; ii) exchange rate policy and the absortion of real and nominal shocks; iii) exchange rate rules as a policy crutch in credibility-challenged economies; iv) the impossible trinity in light of increasing financial globalization; and v) the balance sheet exposure to exchange rate changes in financially dollarized economies. Using both a de facto and a de jure regime classification, we test the empirical relevance of these approaches simultaneously. We find overall empirical support for all of them, although their relative relevance varies substantially between industrial and non-industrial economies. We show that regime choices, as well as deviations between actual and reported policies, can be accurately predicted by a small number of economic and political characteristics of each country. When regimes are correctly characterized, they display no time trend, suggesting that the trends typically highlighted in the exchange rate regime debate can be traced back to the evolution of their natural determinants.es_AR
dc.description.sponsorshipPara cualquier uso del contenido del presente documento debe ponerse en contacto con el autor.es_AR
dc.format.extent28 p.es_AR
dc.format.mediumapplication/pdfes_AR
dc.languageenges_AR
dc.publisherUniversidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF)es_AR
dc.relation.ispartofCentro de Investigaciones Financieras (CIF). Documentos de trabajo 11/2002
dc.rightsinfo:eu-repo/semantics/restrictedAccesses_AR
dc.subjectTipo de cambioes_AR
dc.subjectAnálisis comparativoes_AR
dc.subjectAnálisis financieroes_AR
dc.subjectPolítica monetariaes_AR
dc.titleOn the endogeneity of exchange rate regimeses_AR
dc.typeinfo:eu-repo/semantics/workingPaper
dc.type.versioninfo:eu-repo/semantics/acceptedVersiones_AR


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