From Fixed to Float: A Competing Risks Analysis

This paper examines the determinants of exchange rate regime of a country. A competing risks model (CRM) is estimated. It is found that the way a country exits a fixed exchange rate regime is affected nonlinearly by the duration of the peg. In addition, countries with a lower growth rate of reserves, more incidences of banking crises, higher trade concentration and lower degree of capital-account liberalisation are more likely to have a crisis-driven exit.

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Year of publication:	2014-12-22
Authors:	Chong, Terence Tai Leung ; He, Qing ; Chan, Wing Hong
Institutions:	Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
Subject:	Competing risks model \| Duration dependence \| Orderly exits \| Crisis-driven exits \| Kaplan-Meier estimators

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Extent:	application/pdf
Series:	MPRA Paper.
Type of publication:	Book / Working Paper
Classification:	F31 - Foreign Exchange
Source:	RePEc - Research Papers in Economics

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