期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2007
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：A widely held notion is that freely floating exchange rates are excessively
volatile when moving from fixed to floating exchange rates. We re-examine the
data and conclude that the disparity between the fundamentals and exchange rate
volatility is more apparent than real, especially when the Deutsche Mark, rather
than the dollar, is chosen as the numeraire currency. We argue and demonstrate
that in inter-regime comparisons one has to account for certain ¡®missing
variables¡¯ which compensate for the fundamental variables¡¯ volatility under fixed
exchange rates. We show that IMF credit support is a crucial compensating
variable.
关键词：Exchange rates; Exchange rate regimes; Excess volatility; IMF credit.
