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Working paper

Fallacy of floating? Reconsidering the ability of flexible exchange rates to offset terms-of-trade volatility in developing countries

Abstract:

This paper questions the traditionally accepted superiority of flexible exchange rate regimes in o↵setting commodity price fluctuations. Employing an updated measure of the commodity terms-of-trade, a comparison of exchange rate regime classifications and more recent data than much of literature supporting this assertion, I find little evidence that flexible regimes deliver better outcomes in this regard. Although previous results are reproducible with the use of a certain terms-of-trade meas...

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Publication status:
Published

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Publisher:
Centre for the Study of African Economies
Series:
CSAE Working Papers
Publication date:
2023-04-13
Paper number:
2023-01
Language:
English
Pubs id:
1337294
Local pid:
pubs:1337294
Deposit date:
2023-04-13

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