汇率制度经典论文之三Levy-Yeyati，Sturzenegg，Exchange Rate Regimes

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汇率制度和经济绩效，Exchange Rate Regimes and Economic Performance，EDUARDO LEVY-YEYATI and FEDERICO STURZENEGGER，发表于IMF Staff PapersVol. 47, 2001。
This paper studies the impact of exchange rate regimes on inflation, nominal money growth, real interest rates, and GDP growth. We find that, for nonindustrial economies, “long” pegs (lasting five or more years) are associated with lower inflation than floats, but at the cost of slower growth. A similar trade-off between inflation and growth is still present in the case of “hard” pegs (currency boards
and economies without separate legal tender), whose growth performance does not differ significantly from that of conventional pegs. In contrast, “short” pegs clearly underperform floats, as they grow slower without providing any gains in terms of inflation. [JEL E31, E52, F41, F43]

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关键词：Levy-Yeyati exchange Regimes Exchang change AND Eduardo Levy-Yeyati FEDERICO STURZENEGGER

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