New Developments of the Exchange Rate Regimes in Developing by Hisayuki Mitsuo (eds.)

By Hisayuki Mitsuo (eds.)

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Conventional fixed peg and other managed float) although still remaining as intermediate regimes. 3 percent) in 2001. 14 Here, we define their categories (1)–(2) as “hard pegs,” (3)–(12) as “intermediate regimes,” and (13)–(14) as “independently floating regimes” to examine the bipolar view. From these tables and figure, we first observe that, for all countries, while the proportion of hard pegs increased over the sample period, those of intermediate regimes and freely floating regimes showed little change.

4) Note: The figures in parentheses indicate the percentage of the number of countries in the given row category. Source: Author’s estimates based on the data of Levy-Yeyati and Sturzenegger (2002) and AREAER. 3) All countries Bubula and Ötker-Robe (2002) Reinhart and Rogoff (2002) Levy-Yeyati and Sturzenegger (2002) 2150 1610 1513 Developed countries Bubula and Ötker-Robe (2002) Reinhart and Rogoff (2002) Levy-Yeyati and Sturzenegger (2002) 276 276 225 Emerging market economies Bubula and Ötker-Robe (2002) Reinhart and Rogoff (2002) Levy-Yeyati and Sturzenegger (2002) 391 371 294 Developing countries Bubula and Ötker-Robe (2002) Reinhart and Rogoff (2002) Levy-Yeyati and Sturzenegger (2002) 1483 975 994 Note: The sample of the data of Bubula and Ötker-Robe (2002) and Reinhart and Rogoff (2002) is from 1990 to 2001 and the sample of the data of Levy-Yeyati and Sturzenegger (2002) is from 1990 to 2000 in this table.

Source: The database of the Reinhart and Rogoff (2002) classification. e. 5 percent in 2001). 7 percent in 2001). 8 that 22 emerging market economies adopted intermediate regimes in 2001 and 10 countries had a managed floating regime in 2001. From these results, we can reasonably conclude that the bipolar view holds for developed countries, in the sense that the proportion of hard pegs significantly increased and that of intermediate regimes significantly decreased over the sample period. 4 show the evolution of exchange rate regimes over the period 1990–2000, on the basis of the database of the Levy-Yeyati and Sturzenegger (2002) classification.

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