Are Monetary Rules and Reforms Complements or Substitutes? : A Panel Analysis for the World versus OECD Countries

Titelangaben

Belke, Ansgar ; Herz, Bernhard ; Vogel, Lukas:
Are Monetary Rules and Reforms Complements or Substitutes? : A Panel Analysis for the World versus OECD Countries.
Wien : Oesterreichische Nationalbank , 2006 . - 51 S. - (OENB Working Paper ; 129 )

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Abstract

This paper investigates the relationship between the exchange rate regime and the degree of structural reforms using panel data techniques. We look at a broad sample of countries (the "world sample") and also an OECD sample. Our main findings suggest that adopting a fixed exchange rate rule is positively correlated with the degree of overall structural reforms and the trade component. The paper also highlights the fact that considering a heterogeneous panel of countries as opposed to a limited does not matter for this results.