出口产品多样性与汇率制度选择

Journal of Financial Research

2018, Vol. 457

Issue (7): 18-33 DOI:

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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

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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.

Key words： Diversity of Export Products Exchange Rate Regimes Business Cycle Synchronized Colonial Countries

Received: 10 January 2017 Published: 01 November 2018

JEL分类号:	F14
	F31

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LEI Wenni,LI Rou,CUI Xiaoyong. Diversity of Export Products and the Choice of Exchange Rate Regimes[J]. Journal of Financial Research, 2018, 457(7): 18-33.

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http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2018/V457/I7/18

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