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De facto exchange rate regimes and currency crises : are Pegged regimes with capital account liberalization really more prone to speculative attacks?
https://kobe-cufs.repo.nii.ac.jp/records/1213
https://kobe-cufs.repo.nii.ac.jp/records/12131f63b181-08d8-4e05-bb91-636a9b14a0f1
| Item type | 研究報告書 / Research Paper(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2008-10-01 | |||||
| タイトル | ||||||
| タイトル | De facto exchange rate regimes and currency crises : are Pegged regimes with capital account liberalization really more prone to speculative attacks? | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Exchange rate regimes | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | capital controls | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | capital account liberalization | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | currency crises | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | macroeconomic policy trilemma | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | speculative attacks | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18ws | |||||
| 資源タイプ | research report | |||||
| アクセス権 | ||||||
| アクセス権 | metadata only access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
| 著者 |
Esaka, Taro
× Esaka, Taro |
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| 著者所属機関 | ||||||
| 値 | Kobe City University of Foreign studies | |||||
| 雑誌名 |
en : Kobe city university of foreign studies working paper series 号 31, p. 1-33, 発行日 2008-10 |
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| 出版者 | ||||||
| 出版者 | Institute for foreign studies Kobe city university of foreign studies | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | This paper empirically examines whether de facto exchange rate regimes affect the occurrence of currency crises in 84 countries over the 1980-2001 period by using the probit model. We employ the de facto classification of Reinhart and Rogoff (2004) that allows us to estimate the impact of relatively long exchange rate regimes on currency crises with much greater precision. We find that pegged regimes significantly decrease the likelihood of currency crises compared with floating regimes. By using the combined data of exchange rate regimes and the existence of capital controls, we also find interesting evidence that pegged regimes with capital account liberalization significantly lower the likelihood of currency crises compared with other regimes. These results are robust to a wide variety of samples. From the standpoint of the macroeconomic policy trilemma, we can conjecture that pegged regimes with capital account liberalization are substantially less prone to speculative attacks, because they can enhance greater credibility in their currencies by abandoning monetary policy autonomy. | |||||
| 分類 | ||||||
| 値 | JEL classification:F31,F33 | |||||
| 備考 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 文部科学省科学研究費（若手研究(B)）2005年度～2007年度、研究課題番号：17730166 文部科学省科学研究費（若手研究(B)）2008年度～2009年度、研究課題番号：20730218 |
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| 関連サイト | ||||||
| 表示名 | KAKEN : 科学研究費助成事業データベース | |||||
| URL | http://kaken.nii.ac.jp/d/p/18530210.ja.html | |||||
| 関連サイト | ||||||
| 表示名 | KAKEN : 科学研究費助成事業データベース | |||||
| URL | http://kaken.nii.ac.jp/d/p/20730218.ja.html | |||||
