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Afecteaza regimul cursului de schimb crestea macroeconomica?

Afecteaza regimul cursului de schimb crestea macroeconomica?

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Published by Ana - Maria Ciopata

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Published by: Ana - Maria Ciopata on Jan 07, 2010
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06/21/2014

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_WPS2612
POLICYRESEARCHWORKINGPAPER
2642
DoestheExchangeRate
Theexchangerate regimedoesmakea differencefor
RegimeAffect
inflationperformance.Itis
Macroeconomic
difficultoinferts effecton
growth,butpolicyvariables-
Performance?
andother variablesinfluencingeconomicactivity-dohave different
EvidencefromTransitionEconomies
effects
on
growthunderdifferent exchange-rate
IlkerDoma,
arrangements.
KylePetersYevgenyYuzefovich
The WorldBankEuropeandCentralAsiaRegionPovertyReductionandEconomicManagementSectorUnitJuly2001
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|POLICY
RESEARCHWORKINGPAPER
2642
Summary findings
To examinewhether a country's exchangerate regimeSwitching from a floatingregime to an intermediatehasany impact on inflation andgrowth performance inregime might not reduceinflation.transition economies, Doma,,Peters, and Yuzefovich
*
An
unanticipated
float-whena country whosedevelopan empirical framework thataddresses some of fundamentalsmake it unlikely to adoptanother regimethe main problemsplaguing empirical work in thisstrand
adopts
a floatingregime-results in lower inflation.of the literature:the
Lucas critique,
the
endogeneityof
Based on their results,it is not possible to infer more
the exchangerate regime,
and the
sampleselection
aboutone particular exchangerate regime being superior
problem.
to another in terms of growthperformance. ButEmpirical results demonstratethat the exchange rateempirical findings do underscorethe different effectsregime
does
affectinflation performance. The resultsthat policy variables-andother variables influencingsuggest that:economic activity-haveon growth under differentTransitioncountries with intermediate arrangementsexchange-rate arrangements.might reduce inflation if theywere to adopt a fixedregime.This paper-aproduct of the PovertyReduction and EconomicManagement SectorUnit, Europe andCentral AsiaRegion-is part of alarger effort in the regionto understand the linksbetween exchange ratearrangements andmacroeconomic performancein transitioneconomies. Copies of thepaper are available free fromthe World Bank, 1818H StreetNW,Washington, DC20433. Please contactArmandaCarcani, room H4-326,telephone 202-473-0241,fax 202-522-2755,email address acarcani@worldbank.org.PolicyResearch WorkingPapers are also posted onthe Web at http://econ.worldbank.org. Theauthors may be contactedat idomac@worldbank.orgor kpeters@worldbank.org.July 2001.
(65
pages)
ThePolicyResearchWorkingPaperSeoes disseminates he findingsof work in progressoencouragehe exchange f ideasabout
development issues.An objectiveof the series s to getthe findings ouitqauickly, venif the presentations are lessthan fully polished. Thepapers carry the names ofthe authors and should be citedaccordingly. The findings,interpretations, and conclusionsexpressed in thispaper are entirely those ofthe autbors. They do notnecessarilyrepresent the viewof the World Bank, its ExecutiveDirectors, or thecountries they represent.
Producedby the Policy Research DisseminationCenter
 
Does the Exchange Rate Regime affect Macroeconomic Performance?Evidence from Transition Economies
IlkerDomaq, Kyle PetersandYevgeny Yuzefovich

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