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Evaluation of currency regimes : the unique role of sudden stops

Author: Assaf Razin; Yona Rubinstein; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2005.
Series: Working paper series (National Bureau of Economic Research), no. 11785.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
"This paper tackles two established puzzles in international macroeconomics literature. The first is the lack of systematic difference in the macroeconomic performance across exchange rate regimes. The second is the absence of a clear empirical relationship between macroeconomic performance and capital-account liberalization. We suggest that both may appear because empirical methodologies fail to account for a  Read more...
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Additional Physical Format: Print version:
Razin, Assaf.
Evaluation of currency regimes.
Cambridge, Mass. : National Bureau of Economic Research, 2005
(OCoLC)62717452
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Assaf Razin; Yona Rubinstein; National Bureau of Economic Research.
OCLC Number: 62312697
Notes: November 2005.
Cover title.
Description: 1 online resource (24, [12] pages) : illustrations (some color).
Series Title: Working paper series (National Bureau of Economic Research), no. 11785.
Responsibility: Assaf Razin, Yona Rubinstein.

Abstract:

"This paper tackles two established puzzles in international macroeconomics literature. The first is the lack of systematic difference in the macroeconomic performance across exchange rate regimes. The second is the absence of a clear empirical relationship between macroeconomic performance and capital-account liberalization. We suggest that both may appear because empirical methodologies fail to account for a latent economic "crisis state," influenced by exchange-rate and capital account regimes, and to allow the effects of a policy regime on growth to depend on whether the economy is in a crisis-prone latent state. In practice, we model and estimate the latent state of the economy as a crisis probability. In the framework we propose, exchange rate and capital market liberalization regimes can have both a direct effect on short-term growth, and an indirect effect on growth that is channelled through their effects on the crisis probability"--National Bureau of Economic Research web site.

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