Measuring exchange rate flexibility by regression methods
提出一种新的回归方法，用于生成汇率灵活性指数并识别钉住货币的锚，可区分浮动与钉住汇率，包括偶尔贬值的钉住。该指数可用于实证研究，且与IMF和Reinhart-Rogoff分类显著相关。
A new and easily implemented regression method is proposed for generating an index of exchange rate flexibility, whilst simultaneously identifying anchors of pegged currencies. The method can distinguish floats from pegs, including those with occasional devaluations. An annual index is calculated that can be compared with other regime classification schemes or used directly in empirical research as a measure of exchange rate flexibility. Different categories in the International Monetary Fund’s de facto classification, and also in the Reinhart–Rogoff classification, are associated with significantly different average values of the index. Further analysis of managed floats shows that they have a strong tendency to track the US dollar.