发帖
雷达卡
| Abstract |
We develop anovel system of reclassifying historical exchange rate regimes. One keydifference between our study and previous classifications is that weemploy monthly data on market-determined parallel exchange rates goingback to 1946 for 153 countries. Our approach differs from the IMFofficial classification (which we show to be only a little better thanrandom), it also differs radically from all previous attempts athistorical reclassification. Our classification points to a rethinkingof economic performance under alternative exchange rate regimes.Indeed, the breakup of Bretton Woods had less impact on exchange rateregimes than is popularly believed.
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