Maliszewska, Maryla; Maliszewski, Wojciech - CASE-Center for Social and Economic Research - 2004
The paper re-assesses the impact of exchange rate regimes on macroeconomic performance. We test for the relationship … between de jure and de facto exchange rate classifications on the one hand, and inflation, output growth and output volatility … on the other. We find that, once high-inflation outliers are excluded from the sample, only hard exchange rate pegs are …