Determinants of De Jure – De Facto Exchange Rate Regime Gaps
نویسندگان
چکیده
Abstract This paper investigates inconsistencies between countries’ official exchange rate regime declarations (the so-called de jure regimes) and their actual policy ( facto regimes). These gaps decrease the credibility of monetary are considered an overall negative economic phenomenon. In this paper, I attempt to disclose determinants these using data on several classifications a wide array explanatory variables institutional nature. The results suggest that number macroeconomic factors such as foreign reserves, current account balance openness influence probability authorities breaking commitment regime. At same time, also discover less frequent in more democratic institutionally advanced countries although tend differ depending classification used nature gap (either floating – fixed or floating).
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ژورنال
عنوان ژورنال: Journal of Central Banking Theory and Practice
سال: 2022
ISSN: ['1800-9581', '2336-9205']
DOI: https://doi.org/10.2478/jcbtp-2022-0007