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Exchange Rate Regimes in the Modern Era$
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Michael W. Klein and Jay C. Shambaugh

Print publication date: 2009

Print ISBN-13: 9780262013659

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262013659.001.0001

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Exchange Rate Regime Classifications

Exchange Rate Regime Classifications

(p.29) 3 Exchange Rate Regime Classifications
Exchange Rate Regimes in the Modern Era

Michael W. Klein

Jay C. Shambaugh

The MIT Press

This chapter first discusses the Annual Report on Exchange Arrangements and Exchange Restrictions (EAER) of the IMF and how this classification scheme is a reflection of the handling of exchange rates in the modern era. It explores how the IMF was able to survey and report on the exchange rate systems and exchange restrictions and how these reflected regimes. It also discusses the value and influence of the Bretton Woods system during the time, and how it ushered in the period of floating exchange rates. The chapter also discusses de facto exchange rate regime classifications, their characteristics and the importance of proper classification of these regimes. The chapter discusses several classification schemes, such as those of Jay Shambaugh, and Levy-Yeyati-Surzenegger, and how each of these schemes correlates with one another.

Keywords:   classification scheme, EAER, IMF, Bretton Woods, exchange rate systems, exchange restrictions, Jay Shambaugh, Levy-Yeyati-Surzenegger

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