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Munich Personal RePEc Archive

The modern history of exchange rate arrangements: A reinterpretation

Reinhart, Carmen and Rogoff, Kenneth (2004): The modern history of exchange rate arrangements: A reinterpretation. Published in: Quarterly Journal of Economics , Vol. CXIX, No. 1 (February 2004): pp. 1-48.

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Abstract

We develop a novel system of reclassifying historical exchange rate regimes. One key difference between our study and previous classifications is that we employ monthly data on market-determined parallel exchange rates going back to 1946 for 153 countries. Our approach differs from the IMF official classification (which we show to be only a little better than random), it also differs radically from all previous attempts at historical reclassification. Our classification points to a rethinking of economic performance under alternative exchange rate regimes. Indeed, the breakup of Bretton Woods had less impact on exchange rate regimes than is popularly believed.

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