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Structural Reforms and the Exchange Rate Regime : A Panel Analysis for the World versus OECD Countries

Title data

Belke, Ansgar ; Herz, Bernhard ; Vogel, Lukas:
Structural Reforms and the Exchange Rate Regime : A Panel Analysis for the World versus OECD Countries.
Stuttgart , 2005 . - (Hohenheimer Diskussionsbeiträge ; 263 )

Official URL: Volltext

Abstract in another language

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.

Further data

Item Type: Working paper, discussion paper
Keywords: exchange rates; monetary policy regime; liberalisation; panel data; political economy of reform
Subject classification: JEL Classifications: D78, E52, E61
Institutions of the University: Faculties
Faculties > Faculty of Law, Business and Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I
Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I > Chair Economics I - Univ.-Prof. Dr. Bernhard Herz
Result of work at the UBT: Yes
DDC Subjects: 300 Social sciences > 330 Economics
Date Deposited: 30 Nov 2017 14:16
Last Modified: 04 Apr 2019 05:40
URI: https://eref.uni-bayreuth.de/id/eprint/40631