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The Modern History of Exchange Rate Arrangements: A Reinterpretation
Abstract
We develop a novel system of reclassifying historical exchange rate regimes. One key difference between our study and previous classifications is that we employ monthly data on market-determined parallel exchange rates going back to 1946 for 153 countries. Our approach differs from the IMF official classification (which we show to be only a little better than random); it also differs radically from all previous attempts at historical reclassification. Our classification points to a rethinking of economic performance under alternative exchange rate regimes. Indeed, the breakup of Bretton Woods had less impact on exchange rate regimes than is popularly believed.
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Metadata
- Authors
- Reinhart, C. M., & Rogoff, K. S.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2004-02-01
- Volume
- 119
- Issue
- 1
- Pages
- 1-48
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W3124674560
- Cited by
- 1,903
- References
- 0
- FWCI
- 228.71
- Type
- journal article
- Language
- en
- Open access
- closed
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