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Title:Structural reforms and the exchange rate regime: a panel analysis for the world versus OECD countries PDF Logo
Authors:Belke, Ansgar
Herz, Bernhard
Vogel, Lukas
Issue Date:2005
Series/Report no.:IZA Discussion Papers 1798
Abstract:We test the significance of the relationship between the exchange rate regime and the degree of structural reforms by estimating panel regressions for a world and an OECD country sample. The empirical results suggest a positive correlation between on the one side the adoption of an exchange rate rule and on the other side overall structural reforms as well as reforms in the money and banking sector in the broad country sample. For government size and for market regulation, we do not find any robust significant effect, however. The results do not confirm the main implication of Calmfors-type models, namely a higher degree of reforms under monetary policy autonomy. They corroborate conditional policy convergence and, partly, that limiting monetary policy autonomy fosters structural reforms.
Subjects:exchange rates
monetary policy regime
liberalisation
panel data
political economy of reform
JEL:D78
E52
E61
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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