The effects of exchange rate regimes on real exchange rate misalignment

References

• Abadie, A., and W. Imbens. 2008. “On the Failure of the Bootstrap for Matching Estimators.” Econometrica 76 (6): 1537–1557.
   Web of Science ®Google Scholar
• Agenor, P., and P. Montiel. 2015. Development Macroeconomics. 4th ed. New Jersey: Princeton University Press.
   Google Scholar
• Aghion, P., P. Bacchetta, R. Ranciere, and K. Rogoff. 2005. “Productivity Growth and the Exchange Rate Regime: The Role of Financial Development.” NBER Working Paper Series, NBER, Cambridge, MA, 23, 1–27.
   Google Scholar
• Aizenman, J., M. Chinn, and H. Ito. 2013. “The ‘Impossible Trinity’ Hypothesis in an Era of Global Imbalances: Measurement and Testing.” Review of International Economics 21 (3): 447–458.10.1111/roie.12047
   Web of Science ®Google Scholar
• Angrist, D., and J. Pischke. 2009. Mostly Harmless Econometrics: An Empiricist’s Companion. New Jersey: Princeton University Press.
   Google Scholar
• Austin, P. 2007. “The Performance of Different Propensity Score Methods for Estimating Marginal Odds Ratios.” Statistics in Medicine 26: 3078–3094.
   PubMed Web of Science ®Google Scholar
• Bailliu, J., R. Lafrance, and J. Perrault. 2003. “Does Exchange Rate Policy Matter for Growth?” International Finance 6 (3): 381–414.10.1111/infi.2003.6.issue-3
   Google Scholar
• Berg, A., and Y. Miao. 2010. “The Real Exchange Rate and Growth Revisited: The Washington Consensus Strikes Back?” IMF Working Papers, No. 10/58, Washington, DC.
   Google Scholar
• Broda, C. 2006. “Exchange Rate Regimes and National Price Levels.” Journal of International Economics 70: 5281.
   Web of Science ®Google Scholar
• Bubula, A., and I. Otker-Robe. 2003. “Are Pegged and Intermediate Exchange Rate Regimes Crisis Prone?” IMF Working Papers, No. 03/229, Washington, DC.
   Google Scholar
• Bussiére, M., C. Lopez, and C. Tille. 2015. “Do Real Exchange Rate Appreciations Matter for Growth?” Economic Policy 30 (81): 5–45.10.1093/epolic/eiu005
   Web of Science ®Google Scholar
• Calvo, G., and C. Reinhart. 2002. “Fear of Floating.” The Quarterly Journal of Economics 117 (2): 379–408.10.1162/003355302753650274
   Web of Science ®Google Scholar
• Cermeo, R., and M. Senin. 2015. “Are Flexible Exchange Rate Regimes more Volatile? Panel GARCH Evidence for the G7 and Latin America?” Review of Development Economics 19 (2): 297–308.10.1111/rode.12143
   Web of Science ®Google Scholar
• De Grauwe, P., and G. Schnabl. 2005. Exchange rate Stability, Inflation and Growth in (South) Eastern and Central Europe. Katholieke University Leuven, mimeo.
   Google Scholar
• Dornbusch, R. 1980. Open Economy Macroeconomics. New York: Basic Books.
   Google Scholar
• Dubas, J., B. J. Lee, and N. Mark. 2005. “Effective Exchange Rate Classifications and Growth.” NBER Working Papers, No. 11272, Cambridge, MA.
   Google Scholar
• Eichengreen, B. 2008. “The Real Exchange Rate and Economic Growth.” Working Paper 4,World Bank PREM Network, Commission on Growth and Development, World Bank, Washington, DC.
   Google Scholar
• Eichengreen, B., and D. Leblang. 2003. “Exchange Rates and Cohesion.” Journal of Common Market Studies 41 (5): 797–822.10.1111/jcms.2003.41.issue-5
   Web of Science ®Google Scholar
• Forbes, K., and M. Klein. 2013. “Pick Your Poison: The Choices and Consequences of Policy Responses to Crises.” MIT-Sloan Working Paper, No. 5062-13, Cambridge, MA.
   Google Scholar
• Frenkel, R., and M. Rapetti. 2012. “Exchange Rate Regimes in the Major Latin America Countries since the 1950s: Lessons from History.” Journal of Iberian and Latin American Economic History 30 (1): 157–188.10.1017/S0212610911000292
   Google Scholar
• Frieden, J., P. Ghezzi, and E. Stein. 2001. “Politics and Exchange Rates: A Cross Country Approach.” In Politics and Exchange Rates: A Cross Country Approach to Latin America, edited by J. Frieden and E. Stein. Baltimore: Johns Hopkins Press.
   Google Scholar
• Gelman, A., and G. King. 1990. “Estimating Incumbency Advantage without Bias.” American Journal of Political Science 34 (4): 1142–1164.10.2307/2111475
   Web of Science ®Google Scholar
• Ghosh, A., A. Gulde, J. Ostry, and H. Wolf. 1997. “Does the Nominal Exchange Rate Regime Matter?” NBER Working Paper 5874, NBER, Cambridge, MA.
   Google Scholar
• Ghosh, A., A. M. Gulde, and H. Wolf. 2002. Exchange Rate Regimes: Choices and Consequences. Cambridge, MA: MIT Press.
   Google Scholar
• Goldfajn, I., and R. Valdes. 1998. “Current Account Sustainability. Are Currency Crises Predictable?” European Economic Review 42 (1): 229–262.
   Google Scholar
• Goldfajn, I., and R. Valdes. 1999. “The Aftermath of Appreciation.” Quarterly Journal of Economics 114 (1): 873–885.
   Web of Science ®Google Scholar
• Gylfason, T. 2000. “Fix or Flex? Alternative Exchange Rate Regimes in an Era of Global Capital Mobility.” North American Journal of Economics and Finance 11 (2): 173–189.10.1016/S1062-9408(00)00033-4
   Google Scholar
• Hinkel, L., and P. Montiel. 1999. Exchange Rate Misalignment: Concepts and Measurement for Developing Countries. Oxford: Oxford University Press.
   Google Scholar
• Holtermöller, O., and S. Mallick. 2013. “Exchange Rate Regime, Real Misalignment and Currency Crisis.” Economic Modelling 34: 5–14.10.1016/j.econmod.2012.09.017
   Web of Science ®Google Scholar
• Imai, K., G. King, and E. Stuart. 2008. “Misunderstandings Among Experimentalists and Observationalists in Causal Inference.” Journal of the Royal Statistical Society 171: 481–502.10.1111/j.1467-985X.2007.00527.x
   Google Scholar
• International Monetary Fund. 1999. Exchange Arrangements and Currency Convertibility: Developments and Issues. Washington, DC: World Economic and Financial Surveys.
   Google Scholar
• International Monetary Fund. 2003. Exchange Arrangements and Foreign Exchange Markets: Developments and Issues. Washington, DC: World Economic and Financial Surveys.
   Google Scholar
• Korinek, A., and L. Serven. 2010. “Undervaluation Through Foreign Reserve Accumulation: Static Losses, Dynamic Gains.” Policy Research Working Paper Series, 5250, The World Bank, Washington, DC.
   Google Scholar
• Krugman, P. 1989. Exchange-rate Instability. Cambridge, MA: The MIT Press.
   Google Scholar
• Lane, P., and G. Milesi-Ferretti. 2001. “The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries.” Journal of International Economics 55 (2): 263–294.10.1016/S0022-1996(01)00102-7
   Web of Science ®Google Scholar
• Leuven, E., and B. Sianesi. 2003. “PSMATCH2: Stata Module to Perform Full Mahalanobis and Propensity Score Matching, Common Support Graphing, and Covariate Imbalance Testing.” http://ideas.repec.org/c/boc/bocode/s432001.html.
   Google Scholar
• Levy-Yeyati, E. 2006. “Financial Dollarization: Evaluating the Consequences.” Economic Policy 21 (45): 61–118.
   Google Scholar
• Levy-Yeyati, E., and F. Sturzenegger. 2003. “To Float or to Fix: Evidence on the Impact of Exchange Rate Regimes on Growth.” American Economic Review 93 (4): 1173–1193.10.1257/000282803769206250
   Web of Science ®Google Scholar
• Levy-Yeyati, E., and F. Sturzenegger. 2005. “Classifying Exchange Rate Regimes: Deeds vs. Words.” European Economic Review 49 (6): 1603–1635.10.1016/j.euroecorev.2004.01.001
   Web of Science ®Google Scholar
• Levy-Yeyati, E., F. Sturzenegger, and I. Reggio. 2010. “On the Endogeneity of Exchange Rate Regimes.” European Economic Review 54 (5): 659–677.
   Web of Science ®Google Scholar
• Lin, S., and H. Ye. 2012. “What to Target? Inflation or Exchange Rate.” Southern Economic Journal 78 (4): 1202–1221.10.4284/0038-4038-78.4.1202
   Web of Science ®Google Scholar
• McDonald, R., and F. Vieira. 2010. “A Panel Data Investigation of Real Exchange Rate Misalignment and Growth.” CESifo Working Paper Series, No. 3061, mimeo.
   Google Scholar
• Mussa, M. 1986. “Nominal Exchange Regimes and the Behavior of Real Exchange Rates: Evidence and Implications.” Carneige-Rochester Conference Series on Public Policy 25: 117–214.10.1016/0167-2231(86)90039-4
   Google Scholar
• Obstfeld, M., and K. Rogoff. 1996. Foundations of International Macroeconomics. Cambridge, MA: The MIT Press.
   Google Scholar
• Obstfeld, M., J. Shambaugh, and A. Taylor. 2010. “Financial Stability, the Trilemma, and International Reserves.” American Economic Journal: Macroeconomics 2 (2): 57–94.
   Web of Science ®Google Scholar
• Poirson, H. 2001. “How do countries choose their exchange-rate regime?” IMF Working Papers WP/01/46, Washington, DC.
   Google Scholar
• Reinhart, C., and K. Rogoff. 2004. “The Modern History of Exchange Rate Arrangements: A Reinterpretation.” The Quarterly Journal of Economics 119 (1): 1–48.10.1162/003355304772839515
   Web of Science ®Google Scholar
• Rodrik, D. 2008. “The Real Exchange Rate and Economic Growth.” Brooking Papers on Economic Activity 2: 365–412.
   Google Scholar
• Rose, A. 2011. “Exchange Rate Regimes in the Modern Era : Fixed, Floating, and Flaky.” Journal of Economic Literature 49 (3): 652–672.10.1257/jel.49.3.652
   Web of Science ®Google Scholar
• Rubin, D. 1974. “Estimating Causal Effects of Treatments in Randomized and Nonrandomized Studies.” Journal of Educational Psychology 66: 688–701.10.1037/h0037350
   Web of Science ®Google Scholar
• Shambaugh, J. 2004. “The Effect of Fixed Exchange Rates on Monetary Policy.” Quarterly Journal of Economics 119 (1): 301–352.10.1162/003355304772839605
   Web of Science ®Google Scholar
• Spatafor, N., and I. Tytell. 2009. “Commodity Terms of Trade: The History of Booms and Busts.” IMF Working Paper, WP/09/205, Washington, DC.
   Google Scholar
• Taylor, A., and M. Taylor. 2004. “The Purchasing Power Parity Debate.” Journal of Economic Perspectives 18 (4): 135–158.10.1257/0895330042632744
   Web of Science ®Google Scholar
• Vegh, C. 2013. Open Economy Macroeconomics in Developing Countries. Cambridge, MA: The MIT Press.
   Google Scholar