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| Tekijä: | Levy-Yeyati, E. Sturzenegger, F. |
| Otsikko: | Exchange rate regimes and economic performance |
| Lehti: | IMF Staff papers
2001 : VOL. 47, special issue, p. 62-98 |
| Asiasana: | Exchange rates Economic performance Public finance |
| Kieli: | eng |
| Tiivistelmä: | The authors study the impact of exchange rate regimes on inflation, nominal money growth, real interest rates, and GDP growth. They find that, for nonidustrial economies, "long" pegs are associated with lower inflation than than floats, but at the cost of slower growth. A similar trade-off between inflation and growth is still present in the case of "hard" pegs, whose growth performance does not differ significantly from that of conventional pegs. In contrast, "short" pegs clearly underperform floats, as they grow slower without providing any gains in term of inflation. |
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