Ilzetzki, Ethan; Reinhart, Carmen M.; Rogoff, Kenneth S. - National Bureau of Economic Research - 2021
This paper employs an updated algorithm and database for classifying exchange rate and anchor currency choice, to … explore the evolution of the global exchange rate system, including parallel rates, capital controls and reserves. In line … exchange rate regimes, a detailed discussion of the evolution of regimes, the growing substitution of reserves for capital …