Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2019.1691931
State dependence and exchange rate regime choice: a new empirical explanation to the polarization phenomenon
Jiye Lu
Najid Ahmad
Sažetak
This paper, using the dynamic multinomial choice random effect
panel Logit model, and focusing on the intermediate exchange
rate regimes, tries to provide new empirical explanations to the
special polarization phenomenon. The main findings are as follows:
Firstly, the state dependence can influence the choice of
exchange rate regimes greatly, and the state dependence can
explain the phenomenon of the special polarization. Secondly,
the non-state dependence factors influence exchange rate
regimes choice of different development stage economies in different
manner. The non-state dependence factors can also explain
the special polarization. Thirdly, the policy makers will choose the
less-flexible exchange rate regimes with the increasing of capital
account openness. The intermediate exchange rate regimes can
survive and stabilize the economy under certain conditions.
Lastly, this paper draws a series of important conclusions and policy
implications.
Ključne riječi
Exchange rate regimes choice; special polarization; state dependence
Hrčak ID:
254706
URI
Datum izdavanja:
9.2.2021.
Posjeta: 713 *