کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
989056 935386 2012 14 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Hard or Soft Pegs? Choice of Exchange Rate Regime and Trade in Africa
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Hard or Soft Pegs? Choice of Exchange Rate Regime and Trade in Africa
چکیده انگلیسی

SummaryThis paper revisits the link between fixed exchange rate regimes and trade in the context of Africa’s exchange rate arrangements, differentiating the effects of hard pegs (currency unions) from conventional soft pegs. Using a novel dataset of exchange rate regime classification, the paper augments the gravity model of bilateral trade flows with measures of currency unions and conventional pegged arrangements, and benchmarks Africa’s experience against the rest of the world. We find that in both samples, currency unions and pegs increase trade vis-à-vis more flexible exchange rate arrangements through channels in addition to reduced exchange rate volatility; however the effect is almost twice as large for Africa. In addition, the trade-generating effect of pegs is at least as large for Africa as that of currency unions, suggesting that pegs could present a viable option—perhaps an alternative to currency unions—to promote trade in the region.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: World Development - Volume 40, Issue 4, April 2012, Pages 667–680
نویسندگان
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