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Contribution Details
Type | Journal Article |
Scope | Discipline-based scholarship |
Title | Understanding exchange rate policy announcements: A political economy approach |
Organization Unit | |
Authors |
|
Item Subtype | Original Work |
Refereed | No |
Status | Published in final form |
Language |
|
Journal Title | Journal of public and international affairs |
Publisher | Graduate School of Public and International Affairs, University of Pittsburgh |
Geographical Reach | international |
ISSN | 0195-6000 |
Volume | 14 |
Number | 1 |
Page Range | 184 - 205 |
Date | 2003 |
Abstract Text | The stability of the international financial system depends on the consistency of announcements, beliefs, and actions by countries and international organizations like the IMF. This article considers the first element in this trinity and analyzes the incentives of a rational policy maker to announce a fixed or flexible exchange rate regime. In a cross-sectional analysis for the 1990s, I find that countries with a non-functioning legal system, a low degree of the rule of law, high expropriation risk, low infrastructure quality and similar characteristics are more ikely to announce fixed exchange rates. This result is consistent with a theoretical argument about announcing a fixed regime as a signal of “goodness” to the international community. |
Free access at | Official URL |
Official URL | https://www.uzh.ch/dam/bf/persons/employee-assets/wagner_alexander/papers/Wagner_ExchangeRatePolicyAnnouncements_2003.pdf |
Other Identification Number | merlin-id:9303 |
PDF File | Download from ZORA |
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