The Modern History of Exchange Rate Arrangements: A Reinterpretation
利用153个国家1946年以来的月度平行市场汇率数据，重新分类历史汇率制度，发现IMF官方分类仅略优于随机，且布雷顿森林体系解体对汇率制度的影响小于普遍认知。
We develop a novel system of reclassifying historical exchange rate regimes. One key difference between our study and previous classifications is that we employ monthly data on market-determined parallel exchange rates going back to 1946 for 153 countries. Our approach differs from the IMF official classification (which we show to be only a little better than random); it also differs radically from all previous attempts at historical reclassification. Our classification points to a rethinking of economic performance under alternative exchange rate regimes. Indeed, the breakup of Bretton Woods had less impact on exchange rate regimes than is popularly believed.