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Title:Currency blocs in the 21st century PDF Logo
Authors:Fischer, Christoph
Issue Date:2011
Series/Report no.:Discussion Paper Series 1: Economic Studies 2011,12
Abstract:Based on a classification of countries and territories according to their regime and anchor currency choice, the study considers the two major currency blocs of the present world. A nested logit regression suggests that long-term structural economic variables determine a given country's currency bloc affiliation. The dollar bloc differs from the euro bloc in that there exists a group of countries that peg temporarily to the US dollar without having close economic affinities with the bloc. The estimated parameters are consistent with an additive random utility model interpretation. A currency bloc equilibrium in the spirit of Alesina and Barro (2002) is derived empirically.
Subjects:Anchor Currency Choice
Nested Logit
Exchange Rate Regime Classification
Additive Random Utility Model
Currency Bloc Equilibrium
JEL:F02
F31
F33
E42
C25
ISBN:978-3-86558-717-6
Document Type:Working Paper
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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