06044oam 22012134 450 991096062530332120250426110117.0978661284084597814623497461462349749978145277531914527753119781282840843128284084397814518699101451869916(CKB)3170000000055036(EBL)1607888(SSID)ssj0001488815(PQKBManifestationID)11842904(PQKBTitleCode)TC0001488815(PQKBWorkID)11445409(PQKB)10863402(OCoLC)276784452(IMF)WPIEE2008132(MiAaPQ)EBC1607888(IMF)WPIEA2008132WPIEA2008132(EXLCZ)99317000000005503620020129d2008 uf 0engur|n|---|||||txtccrWhy Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice /Nienke Oomes, Christopher Meissner1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (47 p.)IMF Working PapersIMF working paper ;WP/08/132Description based upon print version of record.9781451914443 145191444X Includes bibliographical references.Contents; I. Introduction; II. The Evolution of Anchor Currency Choice; A. Measuring Anchor Currency Choice; B. Stylized Facts on Anchor Currency Choice; Figures; 1. All Countries: Anchor Currency Choices, 1950-2001; 2. Developed Countries: Anchor Currency Choices, 1950-2001; 3. Developing Countries: Anchor Currency Choices, 1950-2001; 4. Transition Countries: Anchor Currency Choices, 1990-2001; C. Why Countries Peg the Way They Peg: A Brief Survey of Recent Experience; III. Conceptual Framework for Anchor Choice: Network Externalities, Multiple Equilibria, and Path Dependence; Tables1. Initial Payoff Matrix2. Subsequent Payoff Matrix; IV. Empirical Methodology; V. Empirical Determinants of Anchor and Regime Choice; A. Country-Specific Determinants of Anchor Currency Choice; B. Country-Specific Determinants of Regime Choice: Pegs vs. Floats; C. Anchor-Specific Determinants of Anchor Currency Choice; VI. Results; A. Determinants of Anchor Currency Choice; 3. Determinants of Anchor and Exchange Rate Regime Choice, 1990-1998; 4. Determinants of Anchor and Exchange Rate Regime Choice, 1980-1998; B. How Strong Are Network Externalities5. Actual and Predicted Number of Dollar Anchors, 1990-19986. Actual and Predicted Number of German Mark Anchors, 1990-1998; C. Other Determinants of Anchor Choice; D. Determinants of Regime Choice: Pegs vs. Floats; E. Model Fit; F. Other Specifications and Robustness Checks; 5. Determinants of Anchor Choice, Restricted Choice Set, 1980-1998; 6. Determinants of Anchor Choice, Restricted Choice Set, 1998; G. Other Factors that Appear Less Relevant or Are Hard to Test; VII. Conclusion; Appendixes; I. The Natural ClassificationII. A Model of Trade Network Externalities in Anchor Currency ChoiceReferencesWhat determines the currency to which countries peg or "anchor" their exchange rate? Data for over 100 countries between 1980 and 1998 reveal that trade network externalities are a key determinant. This implies that anchor currency choice may well be suboptimal in that certain currencies, e.g., the U.S. dollar, could be oversubscribed. It also implies that changes in anchor choices by a small number of countries can have large and rapid effects on the international monetary system. Other factors found to be related to anchor choice include the symmetry of output shocks and the currency denomination of liabilities.IMF Working Papers; Working Paper ;No. 2008/132Foreign exchange ratesForeign exchange administrationCoinage, InternationalCurrenciesimfCurrencyimfExchange rate arrangementsimfExchange ratesimfExports and ImportsimfFinancial Aspects of Economic IntegrationimfForeign ExchangeimfForeign exchangeimfGovernment and the Monetary SystemimfInternational economicsimfMonetary economicsimfMonetary SystemsimfMonetary unionsimfMoney and Monetary PolicyimfMoneyimfPayment SystemsimfRegimesimfReserve currenciesimfStandardsimfUnited StatesimfForeign exchange rates.Foreign exchange administration.Coinage, International.CurrenciesCurrencyExchange rate arrangementsExchange ratesExports and ImportsFinancial Aspects of Economic IntegrationForeign ExchangeForeign exchangeGovernment and the Monetary SystemInternational economicsMonetary economicsMonetary SystemsMonetary unionsMoney and Monetary PolicyMoneyPayment SystemsRegimesReserve currenciesStandards332.45Oomes Nienke1816466Meissner Christopher1816666DcWaIMFBOOK9910960625303321Why Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice4372945UNINA