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Duration of Fixed Exchange Rate Regimes in Emerging Economies

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dc.contributor.author Tamgaç, Ünay
dc.date.accessioned 2019-07-08T13:24:02Z
dc.date.available 2019-07-08T13:24:02Z
dc.date.issued 2013-10
dc.identifier.citation Tamgac, U. (2013). Duration of fixed exchange rate regimes in emerging economies. Journal of International Money and Finance, 37, 439-467. en_US
dc.identifier.issn 0261-5606
dc.identifier.uri https://doi.org/10.1016/j.jimonfin.2013.06.015
dc.identifier.uri http://hdl.handle.net/20.500.11851/1737
dc.description.abstract This paper examines the duration of fixed exchange rate regimes and investigates whether there is a certain pattern of time dependence in the survival rate of pegged exchange rate regimes for emerging economies. We query why some fixed regimes last longer and determine the macroeconomic, social and political factors that make a pegged regime more durable. We use survival analysis, a technique which accounts for the unobservable cumulative effects associated with maintaining a fixed exchange rate that build up over the duration of a regime. In our model, time enters as a proxy for these unobserved persistent effects as we investigate the relative importance of the fundamentals in the economy on regime durability by considering their relation together with the effect of time itself. Using the de facto exchange rate regime classification proposed by Reinhart and Rogoff (2004), we find non-monotonic duration dependence and show that time is a significant factor for the duration of pegged regimes. Openness, changes in foreign reserves, growth, real exchange rate misalignment, claims on government and sociopolitical instability are also found to influence the pegged regime duration. en_US
dc.language.iso eng en_US
dc.publisher Elsevier Sci Ltd en_US
dc.rights info:eu-repo/semantics/closedAccess
dc.subject Exchange rate regime en_US
dc.subject Survival analysis en_US
dc.subject Duration en_US
dc.subject Emerging economies en_US
dc.title Duration of Fixed Exchange Rate Regimes in Emerging Economies en_US
dc.type article en_US
dc.relation.journal Journal of International Money and Finance en_US
dc.contributor.department TOBB ETU, Faculty of Economics and Administrative Sciences, Department of Economics en_US
dc.contributor.department TOBB ETÜ, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümü tr_TR
dc.identifier.volume 37
dc.identifier.startpage 439
dc.identifier.endpage 467
dc.contributor.orcid http://orcid.org/0000-0001-8374-7019
dc.identifier.wos WOS:000326667000020
dc.identifier.scopus 2-s2.0-84882807095
dc.contributor.tobbetuauthor Tamgaç Tezcan, Ünay
dc.identifier.doi 10.1016/j.jimonfin.2013.06.015
dc.relation.publicationcategory Makale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı tr_TR


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