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Crises and exchange rate regimes: Times to break down the bipolar view?

Références

  • publications
  • 2016
  • Editeur : Taylor et Francis online
  • publié Applied Economics
  • Vol. 48 , n° 46
  • p. 4393-4409
  • 26 p.
  • Référence : A2016.06
  • voir sur HAL
    Auteur(s) : COMBES [J-L] , MINEA [A] , SOW [M]
    Abstract / Résumé : We revisit the link between crises and exchange rate regimes (ERR). Using a wide panel of 90 developed and developing countries over the period 1980-2009, we find that corner ERR are not more prone to crises compared to intermediate ERR. This finding holds for different types of crises (banking, currency and debt), and is robust to a wide set of alternative specifications. Consequently, we clearly break down the traditional bipolar view: countries that aim at preventing crisis episodes should focus less on the choice of the ERR, and instead implement sound structural macroeconomic policies.
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