Diversity of Export Products and the Choice of Exchange Rate Regimes
LEI Wenni, LI Rou, CUI Xiaoyong
Dongling School of Economics and Management,University of Science and Technology; Business School,Guangxi University for Nationalities; School of Economics,Peking University
Abstract:
This paper collects the annual panel data of 114 countries from 1995 to 2010. By using ordered logit model, we find that countries with high diversity of export products favor flexible exchange rate regimes while countries with low diversity of export products tend to peg, which contradicts the conventional theory of optimum currency areas. This study further shows that countries with less diversified of export products are more synchronized with the world economy, so they are more inclined to choose a peg. While countries with more diversified of export products and thus less synchronized with the world economy accordingly are more prone to foster flexible regimes. “Neo-Europe” countries and non-colonial countries, however, are now more diversified of export products and thus less synchronized with the world economy, accordingly they are more prone to foster flexible regimes.
雷文妮, 李柔, 崔小勇. 出口产品多样性与汇率制度选择[J]. 金融研究, 2018, 457(7): 18-33.
LEI Wenni, LI Rou, CUI Xiaoyong. Diversity of Export Products and the Choice of Exchange Rate Regimes. Journal of Financial Research, 2018, 457(7): 18-33.
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