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• W2594783657 abstract "One reason intermediate exchange rate regimes have fallen out of favor is that they are not transparent or easy to verify. A simple peg or a simple float may be easier for market participants to verify than a more complicated intermediate regime. Credibility and transparency are at the core of the current debate about exchange rate regimes. The steady growth in the magnitude and variability of international capital flows has complicated the question of whether to use floating, fixed, or intermediate exchange rate regimes. Emerging market economies are abandoning basket pegs, crawling pegs, bands, adjustable pegs, and various combinations of these. One of several reasons intermediate regimes have fallen out of favor is that they are not transparent; it is very difficult to verify them. Verifiability is a concrete example of the principle of transparency so often invoked in discussions of the new international financial architecture but so seldom made precise. A simple peg or a simple float may be easier for market participants to verify than a more complicated intermediate regime. Frankel, Fajnzylber, Schmukler, and Serven investigate how difficult it is for investors to verify from observable data whether the authorities are in fact following the exchange rate regime they claim to be following. Of the various intermediate regimes, they focus on basket pegs with bands. Statistically, it can take a surprisingly long span of data for an econometrician or investor to verify whether such a regime is actually in operation. The authors find that verification becomes more difficult as the regime`s bands widen or more currencies enter the basket peg. At the other extreme, they also analyze regimes described as free floating and find that in some cases the observed exchange rate data do validate the announced regime. This paper-a joint product of Macroeconomics and Growth, Development Research Group, and the Regional Studies Program, Latin America and the Caribbean Region-is part of a larger effort in the Bank to understand alternative currency regimes. The authors may be contacted at jeffrey_frankel@harvard.edu, efajnzyl@ucla.edu, sschmukler@worldbank.org, or lserven@worldbank.org." @default.
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• W2594783657 date "1993-07-31" @default.
• W2594783657 modified "2023-09-23" @default.
• W2594783657 title "Population, Health, and Nutrition: Annual Operational Review for Fiscal 1992" @default.
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