G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16722
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
URLhttps://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.
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