事实上的汇率制度差距的决定因素

IF 1.7 Q3 BUSINESS, FINANCE Journal of Central Banking Theory and Practice Pub Date : 2022-01-01 DOI:10.2478/jcbtp-2022-0007
Viktar Dudzich
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摘要

摘要本文研究了各国官方汇率制度声明(所谓的法律汇率制度)与实际汇率政策(事实上的汇率制度)之间的不一致性。这些汇率制度缺口降低了货币政策的可信度,被认为是一种整体负面的经济现象。在本文中,我试图利用几个事实上的分类数据和一系列经济和制度性质的解释变量来揭示这些差距的决定因素。研究结果表明,外汇储备、经常账户余额和经济开放度等一系列宏观经济因素会影响货币当局违反其官方汇率制度承诺的可能性。与此同时,我还发现,汇率制度差距在更民主和制度更发达的国家较少出现,尽管结果往往因所使用的事实上的分类和差距的性质(要么是法律上的浮动-事实上的固定,要么是法律上的固定-事实上的浮动)而有所不同。
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Determinants of De Jure – De Facto Exchange Rate Regime Gaps
Abstract This paper investigates inconsistencies between countries’ official exchange rate regime declarations (the so-called de jure exchange rate regimes) and their actual policy (de facto exchange rate regimes). These exchange rate regime gaps decrease the credibility of monetary policy and are considered an overall negative economic phenomenon. In this paper, I attempt to disclose the determinants of these gaps using the data on several de facto classifications and a wide array of explanatory variables of economic and institutional nature. The results suggest that a number of macroeconomic factors such as foreign exchange reserves, current account balance and economic openness influence the probability of monetary authorities breaking commitment to their official exchange rate regime. At the same time, I also discover that the exchange rate regime gaps are less frequent in more democratic and institutionally advanced countries although the results tend to differ depending on the de facto classification used and the nature of gap (either de jure floating – de facto fixed or de jure fixed – de facto floating).
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来源期刊
CiteScore
2.80
自引率
57.10%
发文量
31
审稿时长
7 weeks
期刊介绍: Journal of Central Banking Theory and Practice is a scientific journal dedicated to publishing quality papers and disseminating original, relevant and applicable economic research. Scientific and professional papers that are published in the Journal of Central Banking Theory and Practice cover theoretical and practical aspects of central banking, monetary policy, including the supervision issues, as well as banking and management in central banks. The purpose of the journal is to educate the general public about the key issues that the central bankers globally face, as well as about contemporary research and achievements in the field of central banking theory and practice.
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