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Title: The Choice of Exchange Rate Regime in Developing Countries: A Multinational Panel Analysis

Author(s): Jürgen von Hagen and Jizhong Zhou

Publication Date: February 2004

Keyword(s): developing countries, exchange rate regimes, multinomial logit model, simulation and static and dynamic panel

Programme Area(s): International Macroeconomics

Abstract: This Paper analyses the choices of exchange rate regimes in developing countries since 1980. Static and dynamic random-effects multinomial panel models are estimated using simulation-based techniques. Explanatory variables include OCA fundamentals, stabilization considerations, currency crises factors, and political and institutional features. The results reveal strong state dependence in regime choices.

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Bibliographic Reference

von Hagen, J and Zhou, J. 2004. 'The Choice of Exchange Rate Regime in Developing Countries: A Multinational Panel Analysis'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=4227