Crises and exchange rate regimes: Times to break down the bipolar view?
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- note AERES/HCERES : A
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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.
Code JEL : E52 - Monetary Policy , F33 - International Monetary Arrangements and Institutions , G00 - GeneralEtudes et documents :