De facto and official exchange rate regimes in transition economies

Arbeitspapier

This paper provides an empirical investigation on the discrepancies between official exchange rate regimes and de facto exchange rate policies in transition economies. Since official and de facto regime choices are not independent of each other, we adopt a bivariate probit model to describe the joint determination of the two regime choices. After finding the important determinants of both regime choices, we use a univariate probit model to describe the determination of regime discrepancies. We find that errors in the selection of official regimes as well as the macroeconomic developments calling for conflicting adjustments in exchange rate regimes are important determinants of regime discrepancies.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ZEI Working Paper ; No. B 13-2002

Classification and Topics

• Classification: Wirtschaft
• Subject: Wechselkurssystem ; Wechselkurspolitik ; Übergangswirtschaft ; Schätzung ; Osteuropa

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): von Hagen, Jürgen ; Zhou, Jizhong
• Event: Veröffentlichung
• (who): Rheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI)
• (where): Bonn
• (when): 2002

Further information

• Handle: http://hdl.handle.net/10419/39609
• Last update: 10.03.2025, 11:43 AM CET