By Michael W. Klein
An research of the operation and outcomes of alternate expense regimes in an period of accelerating overseas interdependence.
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Extra resources for Exchange Rate Regimes in the Modern Era
Reinhart–Rogoff Carmen Reinhart and Kenneth Rogoff created an exhaustive coding of exchange rate regimes that is largely based on the behavior of parallel, market-determined exchange rates. They present this classiﬁcation scheme in ‘‘The Modern History of Exchange Rate Arrangements: A Reinterpretation’’ that was published in the February Exchange Rate Regime Classiﬁcations 43 2004 issue of the Quarterly Journal of Economics. They use this coding to reconsider experience with exchange rate regimes in the post–World War II period.
4 Even when weights are declared, or the IMF’s SDR (itself a basket) is the base, many declared basket pegs are really direct pegs to an individual currency (see chapter 7 for more discussion of this point). 5 Another consideration is the ofﬁcial exchange rate or, in countries with an important parallel exchange rate market, the black market rate. Once again, the role of the use of the classiﬁcation scheme comes into play. The ofﬁcial rate may be the appropriate choice if one wants to ask whether a government that said it would peg its exchange rate actually kept its word.
Firm-level survey data shows that owners and managers of ﬁrms producing tradable goods more strongly support ﬁxed exchange rates than owners and managers of other ﬁrms (Broz, Frieden, and Weymouth 2008). But there is a high degree of heterogeneity within narrowly deﬁned manufacturing industries with respect to exposure to international competition or opportunities abroad (Klein, Schuh, and Triest 2003). Also only a small percentage of ﬁrms within any given industry are involved in exporting and importing (Bernard et al.