We study the relationship between exchange rate regimes and economic growth for a sample of 154 countries over the post-Bretton Woods period (1974-1999), using a new de facto classification of regimes based on the actual behavior of the relevant macroeconomic variables. In contrast with previous...

Economy can be pretentious by the progression of devaluation or depreciation of local currency either positively or negatively. The improvement in trade balance is considered as one of the significant and beneficial impacts occurring on account of devaluation by means of an increase in the...

This paper examines exchange rate behaviour in the ASEAN-5 countries (Indonesia, Malaysia, the Philippines, Singapore, and Thailand). It finds that for the last ten years, there is no evidence that their central banks target particular exchange rate levels against any currency or basket. Thus,...

The purpose of this paper is to test the common view on the actual exchange rate regime, using very simple but intuitive OLS regression models based on Frankel and Wei's work (1994). The results show that, firstly, East Asian countries including Korea have returned to the dollar peg or managed...

The introduction of the Euro has considerably affected the de facto monetary policy autonomy - defined as statistical independence from monetary policy in the key currency areas - in countries outside the European Currency Union. Using a standard open economy framework we argue that de facto...