By Hisayuki Mitsuo (eds.)
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Additional info for New Developments of the Exchange Rate Regimes in Developing Countries
Example text
Source: Author’s estimates based on the data of Bubula and Ötker-Robe (2002) and AREAER. 2) 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 Reinhart and Rogoff (2002) and AREAER. 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.
25 1999 Note: Five categories: (1) zero percent change in the exchange rate, (2) stays within 1% bands, (3) stays within 2% bands, (4) realignment, but zero change in 11 of 12 months, and (5) no peg. Source: The database of the Shambaugh (2003) classification. 5 The evolution of exchange rate regimes, 1990–2000, according to Shambaugh (2003): (a) all countries; (b) developed countries; (c) emerging market economies; (d) developing countries Note: Shambaugh (2003) classifies exchange rate regimes into five categories: (1) zero percent change in the exchange rate, (2) stays within 1% bands, (3) stays within 2% bands, (4) realignment, but zero change in 11 of 12 months, and (5) no peg.
16 reports the rates of fear of floating and fear of announcing a peg. 8 percent). 7 percent). 5 percent) were significantly high. 2 percent). 5 percent). 6 3 Managed 4 Float The notions of fear of floating and fear of announcing a peg Note: Following Calvo and Reinhart (2002), Levy-Yeyati and Sturzenegger (2002), and Alesina and Wagner (2003), we define the policies of “fear of floating” and “fear of announcing a peg”. Source: Modified from Figure 1 of Alesina and Wagner (2003). 2 On the whole, these results from the rates of fear of floating 1 and 2 suggest that emerging market economies and developing countries exhibited a greater fear of floating behavior than developed countries, because the rates of fear of floating for emerging market economies and developing countries were a lot higher (about 50 percent) than those for developed countries.
