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

Title data

Belke, Ansgar ; Herz, Bernhard ; Vogel, Lukas:
Exchange Rate Regimes and Reforms : A Panel Analysis for the World versus OECD Countries.
In: International Finance. Vol. 9 (2006) Issue 3 . - pp. 317-342.
ISSN 1468-2362
DOI: https://doi.org/10.1111/j.1468-2362.2006.00184.x

Abstract in another language

This paper examines the contemporaneous relationship between the exchange rate regime and structural economic reforms over a period of 30 years. Using panel data techniques, we look at both a broad ‘world sample’ and an OECD country sample. We investigate empirically whether structural reforms have complemented or substituted for monetary commitment in the attempt to improve macroeconomic performance. Our results suggest that, on average, an exchange rate rule positively correlates with the amount of overall structural reforms and of trade liberalization in particular. However, we do not find a significant and robust impact of exchange rate commitment on labour and product market reform. The results are similar for both the wider, more heterogeneous world sample and the panel of OECD economies. They contradict the hypothesis that exchange rate commitments may have slowed the pace of structural reform, but neither provides robust evidence that losing the possibility of an exchange rate adjustment promotes labour and product market reforms.

Further data

Item Type: Article in a journal
Refereed: Yes
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I > Chair Economics I - Univ.-Prof. Dr. Bernhard Herz
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
Result of work at the UBT: Yes
DDC Subjects: 300 Social sciences > 330 Economics
Date Deposited: 02 Apr 2015 06:31
Last Modified: 02 Apr 2015 06:31
URI: https://eref.uni-bayreuth.de/id/eprint/9777