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

Abstract : 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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https://halshs.archives-ouvertes.fr/halshs-01293590
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Submitted on : Friday, March 25, 2016 - 9:26:06 AM
Last modification on : Wednesday, December 12, 2018 - 12:04:01 PM

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Jean-Louis Combes, Alexandru Minea, Mousse Ndoye Sow. Crises and exchange rate regimes: Times to break down the bipolar view?. Applied Economics, Taylor & Francis (Routledge), 2016, 48 (46), pp.4393-4409. ⟨halshs-01293590⟩

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