Exchange rate regime choice and economic performances: An empirical study using microeconometric methods
| Project/Area Number |
23730302
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Kobe City University of Foreign Studies |
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Principal Investigator |
ESAKA Taro 神戸市外国語大学, 外国語学部, 准教授 (60347515)
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| Project Period (FY) |
2011 – 2013
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| Project Status |
Completed (Fiscal Year 2013)
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| Budget Amount *help |
¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000)
Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2012: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2011: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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| Keywords | 国際金融 / 為替制度 / 経済パフォーマンス / 通貨危機 / 投機攻撃 / 内生性 / 内生性問題 / マッチング法 / ミクロ計量経済学 / 資本自由化 |
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| Research Abstract |
This study evaluates the effects of exchange rate regimes on economic performances using microeconometric methods. Especially, I investigate whether deviations of actual exchange rate regimes from announced regimes affect the occurrence of currency crises using matching methods. I find that countries with consistent pegs (i.e., a policy in which countries actually adopt announced pegged regimes) have a significantly lower probability of currency crises than countries with other exchange rate policies. More interestingly, I find that countries with consistent pegs have a significantly lower probability of currency crises than those with a fear of announcing a peg policy (i.e., a policy in which countries actually adopt pegged regimes but do not claim to have pegged regimes). Therefore, I statistically confirm that deviations of actual exchange rate regimes from announced regimes significantly affect the occurrence of currency crises.
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Report
(4 results)
Research Products
(9 results)
