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American Economic Review: Vol. 93 No. 4 (September 2003)

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To Float or to Fix: Evidence on the Impact of Exchange Rate Regimes on Growth

Article Citation

Levy-Yeyati, Eduardo, and Federico Sturzenegger. 2003. "To Float or to Fix: Evidence on the Impact of Exchange Rate Regimes on Growth." American Economic Review, 93(4): 1173-1193.

DOI: 10.1257/000282803769206250

Abstract

We study the relationship between exchange rate regimes and economic growth for a sample of 183 countries over the post-Bretton Woods period, using a new de facto classification of regimes based on the actual behavior of the relevant macroeconomic variables. In contrast with previous studies, we find that, for developing countries, less flexible exchange rate regimes are associated with slower growth, as well as with greater output volatility. For industrial countries, regimes do not appear to have any significant impact on growth. The results are robust to endogeneity corrections and a number of alternative specifications borrowed from the growth literature. (JEL F31, F41)

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Levy-Yeyati, Eduardo
Sturzenegger, Federico


American Economic Review


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