Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153787
Authors: 
Bracke, Thierry
Bunda, Irina
Year of Publication: 
2011
Series/Report no.: 
ECB Working Paper 1353
Abstract: 
The paper provides a measure of exchange rate anchoring behaviour across 149 emerging market and developing economies for the 1980-2010 period. An extension of the Frankel and Wei (2008) methodology is used to determine whether exchange rates are pegged or floating, and in the case of pegs, to which anchor currencies they are pegged. To capture the role of major currencies over time, an aggregate trade-weighted indicator is constructed based on exchange rate regimes of individual countries. The evolution of this aggregate indicator suggests that the US dollar has continuously dominated exchange rate regimes, despite some temporary decoupling during major financial crises.
Subjects: 
de facto exchange rate regimes
emerging and developing economies
global currencies
international monetary system
JEL: 
F30
F31
F33
Document Type: 
Working Paper

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