英语翻译Theaimofchapter2istofillsomeofthegapspresentinexistingstudies.Startingfromthehypothesisthatobservedregimediscrepanciesaresystematic,i.e.,nottheresultofrandompolicyerrors,itprovidesevidencefortheexistence
英语翻译
Theaimofchapter2istofillsomeofthegapspresentinexistingstudies.Startingfromthehypothesisthatobservedregimediscrepanciesaresystematic,i.e.,nottheresultofrandompolicyerrors,itprovidesevidencefortheexistenceofsystematicelementsinobservedregimediscrepanciesbylinkingthemtospecificcountrycharacteristics.Themainempiricalfindingisthatcountriestendtocommunicateexchangerateregimesat
thecornersoftheflexibilityspectrum,i.e.,eitherfixedorflexibleregimes,buttooperateintermediateregimes.Whethercountriesannounceafixedorflexibleexchange
ratedependsoncountrycharacteristics,inparticularrelatedtotradestructure,financialdevelopment,andfinancialopenness.Also,countriesatdifferentstagesofeconomic
andfinancialdevelopmentdifferinthenatureofregimediscrepancies.Finally,the
decreasingfrequencyofcountriesmanagingtheirexchangeratelessthanannouncedandtheincreasingoccurrenceofcountriesinterveningmorethanannouncedalignwith
broadereconomictrendsanddevelopmentsworldwiderelatedtofinancialglobalizationandchangesinmonetarypolicydesign.
Theseparationofcommunicationandimplementationofexchangeratepolicymayprovidepolicymakerswithanadditionaltooltotacklechallengesfromfinancialglobalization.
Inaneraofhighfinancialintegrationandcapitalmobility,countriesmaynotberestrainedtochoosebetweenpursuinganindependentmonetarypolicyandstableexchange
rateswhilerefrainingfromcapitalcontrols.Fornumerouscountriestheoptimalpolicymaybeneitherofthetwoextremesbutacombination.However,asintermediate
exchangerateregimesaredifficulttocommunicate,see,e.g.,Frankel,Fajnzylber,SchmuklerandServen(2001),countriesmayfinditoptimaltouseexchangerateregime
announcementsandadivergingimplementationasasecondbestpolicy.Theempiricalpatternspointattheroleofmonetarypolicywithinthemacroeconomicpolicytrilemma.Especiallyemergingmarketeconomiesthatadoptedinflationtargeting
and,hence,announceflexibleexchangerates,managetheirexchangeratemoretha