To Float or to Fix: Evidence on the Impact of Exchange Rate Regimes on Growth
基于183个国家后布雷顿森林时期数据，用新的实际分类法研究汇率制度与经济增长的关系，发现发展中国家较不灵活的汇率制度与更慢增长和更大产出波动相关，而工业国家无显著影响。
We study the relationship between exchange rate regimes and economic growth for a sample of 183 countries over the post-Bretton Woods period, using a new de facto classification of regimes based on the actual behavior of the relevant macroeconomic variables. In contrast with previous studies, we find that, for developing countries, less flexible exchange rate regimes are associated with slower growth, as well as with greater output volatility. For industrial countries, regimes do not appear to have any significant impact on growth. The results are robust to endogeneity corrections and a number of alternative specifications borrowed from the growth literature.