Quarterly Journal of Economics Vol. 119 No. 1 2004
The Modern History of Exchange Rate Arrangements: A Reinterpretation
Abstract
We develop a novel system of reclassifying historical exchange rate regimes. One key difference between our study and previous classifications is that we employ monthly data on market-determined parallel exchange rates going back to 1946 for 153 countries. Our approach differs from the IMF official classification (which we show to be only a little better than random); it also differs radically from all previous attempts at historical reclassification. Our classification points to a rethinking of economic performance under alternative exchange rate regimes. Indeed, the breakup of Bretton Woods had less impact on exchange rate regimes than is popularly believed.
- DOI
- 10.1162/003355304772839515
- Volume
- 119
- Issue
- 1
- Pages
- 1-48
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref