| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16722 |
| DP16722 Rethinking Exchange Rate Regimes | |
| Ethan Ilzetzki; Carmen Reinhart; Kenneth Rogoff | |
| 发表日期 | 2021-11-13 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper employs an updated algorithm and database for classifying exchange rate and anchor currency choice, to explore the evolution of the global exchange rate system, including parallel rates, capital controls and reserves. In line with a large recent literature, we find that the dollar has become ever-more central as the de facto anchor or reference currencies for much of the world. Our discussion encompasses the history of anchor currency choice, methods for classifying exchange rate regimes, a detailed discussion of the evolution of regimes, the growing substitution of reserves for capital controls as a tool for exchange rate stabilization, the modern Triffin dilemma, and the surprising recent trend decline in volatility of exchange rates at the core of the system. It concludes with issues surrounding the rise of China. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Exchange rate regimes International monetary system Capital controls Anchor currencies Exchange rate volatility Triffin dilemma |
| URL | https://cepr.org/publications/dp16722 |
| 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/545658 |
| 推荐引用方式 GB/T 7714 | Ethan Ilzetzki,Carmen Reinhart,Kenneth Rogoff. DP16722 Rethinking Exchange Rate Regimes. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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