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National Chung Hsing University Institutional Repository - NCHUIR > 法政學院 > 國家政策與公共事務研究所 > 依資料類型分類 > 期刊論文 >  Testing the Unstable Middle and Two Corners Hypotheses About Exchange Rate Regimes

Please use this identifier to cite or link to this item: http://nchuir.lib.nchu.edu.tw/handle/309270000/133514

標題: Testing the Unstable Middle and Two Corners Hypotheses About Exchange Rate Regimes
作者: Angkinand, A.;Chiu, E.M.P.;Willett, T.D.
邱明斌
關鍵字: Exchange rate regimes;Classifications;Currency crisis;crises;economics
日期: 2009
Issue Date: 2012-12-14 09:58:08 (UTC+8)
關連: Open Economies Review, Volume 20, Issue 1, Page(s) 61-83.
摘要: The recent rash of international currency crises has generated considerable interest in the role that exchange rate regimes have played in contributing to these crises. Many economists have argued that efforts to operate adjustably pegged exchange rate regimes have been a major contributor to "the unstable middle" hypothesis and some have argued that this unstable middle is so broad that only the two corners of hard fixes or floating rates will be stable in a world of high capital mobility-the two corners or bipolar hypothesis. Two recent empirical studies by researchers at the International Monetary Fund reach opposing conclusions on these issues. We examine the issue further and show that conclusions can be quite sensitive to how exchange rate regimes are grouped into categories and the measures of currency crises that are used. In general we find that the dead center of the adjustable peg is by far the most crisis prone broad type of exchange rate regimes, but that countries need not go all the way to freely floating rates or hard fixes to substantially reduce the risks of currency crises.
Relation: Open Economies Review
Appears in Collections:[依教師分類] 邱明斌
[依資料類型分類] 期刊論文

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