| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5537 |
| DP5537 The Interaction Between Capital Controls and Exchange Rate Regimes: Evidence from Developing Countries | |
| Jurgen von Hagen; Jizhong Zhou | |
| 发表日期 | 2006-03-02 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | The choice of the exchange rate regime and the capital account regime are among the core macro economic policy decisions for developing countries, with important repercussions for a country's macro economic stability, ability to attract foreign capital, and international trade. Existing literature has considered the determinants of these decisions, taking the capital account regime as given when considering the exchange rate regime and vice versa. This paper provides an empirical analysis of the interaction between the two regime choices treating both as simultaneously endogenous. Using a panel data set for developing countries in the 1980s and 1990s, we estimate a simultaneous-equations panel mixed logit model for the joint determination of both choices. We find strong influences from the official, de jure exchange rate regime on capital account policies, but only weak feedback effects. Using de-facto exchange rate regimes, the influences in both directions are similar to each other. |
| 主题 | International Macroeconomics |
| 关键词 | Capital controls Exchange rate regimes Simultaneous equations model Panel mixed logit model |
| URL | https://cepr.org/publications/dp5537 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534381 |
| 推荐引用方式 GB/T 7714 | Jurgen von Hagen,Jizhong Zhou. DP5537 The Interaction Between Capital Controls and Exchange Rate Regimes: Evidence from Developing Countries. 2006. |
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