Are pegged and intermediate exchange rate regimes more crisis prone?, Issues 2003-2223
Andrea Bubula, İnci Ítker, International Monetary Fund. Monetary and Financial Systems Dept, International Monetary Fund. Policy Development and Review Dept
International Monetary Fund, 2003 - Business & Economics - 35 pages
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alternative exchange backward looking crawling band no change basket no change bipolar view CFA franc CFA franc devaluation conventional fixed pegs crisis proneness currency boards currency crises currency no change currency union depreciation and interest depreciation and reserve Devaluation and reserve developed and emerging EMP index Exchange rate depreciation exchange rate regimes fixed peg float no change float Sharp depreciation floating regimes followed by float forward looking crawling frequency of crises identified independently float Interest rate increase interest rate rise intermediate regimes International Monetary Fund Jan-94 currency union logits looking crawling band looking crawling peg loss and interest loss Sharp depreciation losses in previous peg to basket percent pressure episodes pressure index prone to crises rate and reserve regime no change regime other managed reserve loss Sharp rise in interest Russian ruble Sharp reserve loss tightly managed float types of intermediate U.S. dollar U.S. dollar thereafter weighted average