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Publication Details
AFRICAN RESEARCH NEXUS
SHINING A SPOTLIGHT ON AFRICAN RESEARCH
economics, econometrics and finance
Exploring different views of exchange rate regime choice
Journal of International Money and Finance, Volume 27, No. 7, Year 2008
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Description
The empirical distinction between de facto and de jure exchange rate regimes raises a number of interesting questions. Which factors may induce a de facto peg? Why do countries enforce a peg but do not announce it? Why do countries "break their promises"? We show that a stable socio-political environment and an efficient political decision-making process are a necessary prerequisite for choosing a peg and sticking to it, challenging the view that sees the exchange rate as a commitment device. Policymakers seem rather concerned with regime sustainability in the face of adverse economic and socio-political fundamentals. © 2008 Elsevier Ltd. All rights reserved.
Authors & Co-Authors
Carmignani, Fabrizio
Cameroon, Yaounde
Central Africa Regional Office
Colombo, Emilio
Italy, Milan
Università Degli Studi Di Milano-bicocca
Tirelli, Patrizio
Italy, Milan
Università Degli Studi Di Milano-bicocca
Statistics
Citations: 52
Authors: 3
Affiliations: 2
Identifiers
Doi:
10.1016/j.jimonfin.2008.06.004
ISSN:
02615606