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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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The Empirics of Exchange Rate Regime Choice

The Empirics of Exchange Rate Regime Choice

(p.73) 5 The Empirics of Exchange Rate Regime Choice
Exchange Rate Regimes in the Modern Era

Michael W. Klein

Jay C. Shambaugh

The MIT Press

This chapter looks at the difference between exchange rate regime choice in the modern era as contrasted to previous times and the implications of each system in the broader international monetary system and international trade. It surveys and discusses the various causes and determinants for a particular exchange rate regime choice, some of which are determined by the relationships between countries. The optimum currency area theory is of that is particularly analyzed. The conclusion arrived at in this chapter is that country-specific variables seem to be more reliable than time-varying variables in explaining exchange rate regimes. The problem of endogeneity as discussed in the chapter, is perceived as easily remedied if the proper controls are considered and administered.

Keywords:   international monetary system, international trade, determinants, optimum currency area, endogeneity, country-specific variables, time-varying variables

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