LEADER 06044oam 22012134 450 001 9910960625303321 005 20250426110117.0 010 $a9786612840845 010 $a9781462349746 010 $a1462349749 010 $a9781452775319 010 $a1452775311 010 $a9781282840843 010 $a1282840843 010 $a9781451869910 010 $a1451869916 035 $a(CKB)3170000000055036 035 $a(EBL)1607888 035 $a(SSID)ssj0001488815 035 $a(PQKBManifestationID)11842904 035 $a(PQKBTitleCode)TC0001488815 035 $a(PQKBWorkID)11445409 035 $a(PQKB)10863402 035 $a(OCoLC)276784452 035 $a(IMF)WPIEE2008132 035 $a(MiAaPQ)EBC1607888 035 $a(IMF)WPIEA2008132 035 $aWPIEA2008132 035 $a(EXLCZ)993170000000055036 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aWhy Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice /$fNienke Oomes, Christopher Meissner 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (47 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/132 300 $aDescription based upon print version of record. 311 08$a9781451914443 311 08$a145191444X 320 $aIncludes bibliographical references. 327 $aContents; 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; Tables 327 $a1. 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 Externalities 327 $a5. 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 Classification 327 $aII. A Model of Trade Network Externalities in Anchor Currency ChoiceReferences 330 3 $aWhat determines the currency to which countries peg or "anchor" their exchange rate? Data for over 100 countries between 1980 and 1998 reveal that trade network externalities are a key determinant. This implies that anchor currency choice may well be suboptimal in that certain currencies, e.g., the U.S. dollar, could be oversubscribed. It also implies that changes in anchor choices by a small number of countries can have large and rapid effects on the international monetary system. Other factors found to be related to anchor choice include the symmetry of output shocks and the currency denomination of liabilities. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/132 606 $aForeign exchange rates 606 $aForeign exchange administration 606 $aCoinage, International 606 $aCurrencies$2imf 606 $aCurrency$2imf 606 $aExchange rate arrangements$2imf 606 $aExchange rates$2imf 606 $aExports and Imports$2imf 606 $aFinancial Aspects of Economic Integration$2imf 606 $aForeign Exchange$2imf 606 $aForeign exchange$2imf 606 $aGovernment and the Monetary System$2imf 606 $aInternational economics$2imf 606 $aMonetary economics$2imf 606 $aMonetary Systems$2imf 606 $aMonetary unions$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMoney$2imf 606 $aPayment Systems$2imf 606 $aRegimes$2imf 606 $aReserve currencies$2imf 606 $aStandards$2imf 607 $aUnited States$2imf 615 0$aForeign exchange rates. 615 0$aForeign exchange administration. 615 0$aCoinage, International. 615 7$aCurrencies 615 7$aCurrency 615 7$aExchange rate arrangements 615 7$aExchange rates 615 7$aExports and Imports 615 7$aFinancial Aspects of Economic Integration 615 7$aForeign Exchange 615 7$aForeign exchange 615 7$aGovernment and the Monetary System 615 7$aInternational economics 615 7$aMonetary economics 615 7$aMonetary Systems 615 7$aMonetary unions 615 7$aMoney and Monetary Policy 615 7$aMoney 615 7$aPayment Systems 615 7$aRegimes 615 7$aReserve currencies 615 7$aStandards 676 $a332.45 700 $aOomes$b Nienke$01816466 701 $aMeissner$b Christopher$01816666 801 0$bDcWaIMF 906 $aBOOK 912 $a9910960625303321 996 $aWhy Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice$94372945 997 $aUNINA