全球智库信息集成服务系统(G2TT): DP6881 Multi-product Firms and Product Turnover in the Developing World: Evidence from India

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP6881
	DP6881 Multi-product Firms and Product Turnover in the Developing World: Evidence from India
	Pinelopi Goldberg; Nina Pavcnik; Petia Topalova
发表日期	2008-06-20
出版年	2008
语种	英语
摘要	Alexander Swoboda is one of the originators of the bipolar view that capital mobility creates pressure for countries to abandon intermediate exchange rate arrangements in favor of greater flexibility and harder pegs. This paper takes another look at the evidence for this hypothesis using two popular de facto classifications of exchange rate regimes. That evidence supports the bipolar view for the advanced countries, the sample for which it was originally developed, but not obviously for emerging markets and other developing countries. One interpretation of the contrast is that there is a tendency to move away from intermediate regimes in the course of economic and financial development, implying that emerging markets and other developing countries will eventually abandon intermediate regimes as well. Another interpretation is that the advanced countries have been faster to abandon soft pegs because they have been faster to develop attractive alternatives, notably Europe?s monetary union. In this view, other countries are unlikely to abandon soft pegs because of the absence of the distinctive political conditions that have made the European alternative feasible. A final interpretation is that the advanced countries have been able to abandon soft peg because of their success in substituting inflation targeting for exchange rate targeting as the anchor for monetary policy. The paper presents some evidence for this view, which suggests the feasibility of further movement by emerging markets and developing countries in the direct of greater exchange rate flexibility.
主题	International Macroeconomics
关键词	Exchange rates Exchange rate regimes
URL	https://cepr.org/publications/dp6881
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/535708
推荐引用方式 GB/T 7714	Pinelopi Goldberg,Nina Pavcnik,Petia Topalova. DP6881 Multi-product Firms and Product Turnover in the Developing World: Evidence from India. 2008.