| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7901 |
| 来源ID | Working Paper 7901 |
| Verifiability and the Vanishing Intermediate Exchange Rate Regime | |
| Jeffrey Frankel; Sergio Schmukler; Luis Serven | |
| 发表日期 | 2000-09-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | The corners hypothesis holds that intermediate exchange rate regimes are vanishing, or should be. Surprisingly for a new conventional wisdom, this hypothesis so far lacks analytic foundations. In part, the generalization is overdone. We nevertheless offer one possible theoretical rationale, a contribution to the list of arguments against intermediate regimes: they lack verifiability, needed for credibility. Central banks announce intermediate targets such as exchange rates, so that the public can judge from observed data whether they are following the policy announced. Our general point is that simple regimes are more verifiable by market participants than complicated ones. Of the various intermediate regimes (managed float, peg with escape clause, etc.), we focus on basket pegs, with bands. Statistically, it takes a surprisingly long span of data to distinguish such a regime from a floating exchange rate. We apply the econometrics, first, to the example of Chile and, second, by performing Monte Carlo simulations. The amount of data required to verify the declared regime may exceed the length of time during which the regime is maintained. The amount of information necessary increases with the complexity of the regime, including the width of the band and the number of currencies in the basket. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w7901 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565486 |
| 推荐引用方式 GB/T 7714 | Jeffrey Frankel,Sergio Schmukler,Luis Serven. Verifiability and the Vanishing Intermediate Exchange Rate Regime. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7901.pdf（1038KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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