25
pages
English
Documents
Obtenez un accès à la bibliothèque pour le consulter en ligne En savoir plus
Découvre YouScribe en t'inscrivant gratuitement
Découvre YouScribe en t'inscrivant gratuitement
25
pages
English
Ebook
Obtenez un accès à la bibliothèque pour le consulter en ligne En savoir plus
and
New
ersit
on
de
be
out-
that
yb
main
de
be
tak
et
ot
hoice
exc
ks.
ter,
r
LAMET
w
A-CNRS,
r
tp1.fr.
v
Real
rance.
y
results
of
ha
Mon
ate
tp
s
ellier
1
I
d
Abstract
there
This
nd
study
to
in
h
v
r
estigates
tp
the
Espace
l
Assuming
ink
with
b
w
et
the
w
o
een
strong
real
rate
p
second,
e
D
rformances
t
and
studies
t
of
he
ts
ex-
Keyw
c
de
hange
gro
rate
acult?
arrangemen
v
t
wth
dep
outliers
ending
asso
Classication
hange
alternativ
s
e
compare
exc
ending
hange
classications.
rate
t
regime
things:
classications:
s
the
b
ocial
exc
oll@lameta.univ-mon
t
(IMF)
p
and
facto
t
e
w
en
o
coun
Regime
i
rip
e
,
evidence
a
c
statistical
hange
one
and
prop
o
osed
p
b
Exc
y
r
L
e
evy-Y
classications,
ey
outliers
ati
c
a
Sciences
nd
ic
RIPOLL-BRESSON
Sturzenegger
ue
(2000a)
gro
(L
series.
YS)
Exc
and
ma
a
F
n
ciated
h
exc
istori-
rate
cal
egime
one
hifts,
suggested
e
b
issues
y
ep
B
1,
ubula
three
and
Our
?tk
conrm
er-Rob
w
e
(2002)
cedex
(BOR).
i
Some
a
studies
relationship
consider
et
that
een
ma
hange
jor
arrangemen
economic
a
and
real
p
erformances;
olitical
ARN?
ev
classications
en
v
ts
to
represen
Olivier
t
ellier
main
ac-
sho
t
c
o
and
mpro
tp1.fr
e
economic
mpirical
time
relativ
series.
empirical
These
e
darne@lameta.univ-mon
P
c
erformances:
ks
r
ma
regime
y
i
Email:
impact
detected
n
in
eal
using
erformances.
hange
ords:
lier
hange
metho
ate
dology
egime,
.
jur
Hence,
and
w
facto
Laetitia
ination,
Mon
wth,
34054
and
9606,
ho
A/CNRS,
e
Classication:
iden
E
tify
la
outliers
LAMET
for
F
fourteen
des
W
Economiques,
est
R
African
h
coun
A
tries
de
in
ination
e
BP
Mer,
en
E42.
31,
C10,
JEL
de
in
rst,
on
and
sho
on
ks
facto
one
Univ
and
Rateone
of
hea
Sto
Flo
Nev
all
be
rate
exc
rate
the
ep
on
Exchange
be
the
hange
coun
be
de
facto
jur
be
either
the
it
on
coun
rate
not
and
mon
thly
de
mem
the
adopted
153
er
the
They
new
e
is
fter
to
c
vily
in
inuenced
to
b
signican
y
within
the
Y
large
w
n
(Gosh
similar
Levy-Y
b
The
e
(2002)
r
rrangemen
o
b
f
that
studies
Reinhart
on
can
the
to
e
purely
mpirical
Benassy-Qu?r?
dierences
recognizing
in
approac
gro
duction
wth,
er-
trade,
a
business
p
cycles,
more
ination
ma
under
to
d
the
ieren
often
t
practice
exc
for
hange
and
rate
A
arrangemen
ocial
ts
informativ
(Homaister
or
et
in
broadly
Bailliu
(1998),
e
Baxter
Sturzenegger
and
its
costs
upgraded
c
ard
kman
1997,
(1989),
its
y
Recen
v
o
tro
d
uctuate
and
ange
a
c
(1995)).
e
discussion
IMF's
ertheless,
arrangemen
orary
h
adopt
is
them
w
fail
freely
exibilit
a
reading
detect
erience
an
ocial
y
to
signican
the
t
o
dierence
implying
across
is
1946-2001.
regime
and
hange
oating
v
rates.
studies
d
extend
en
lassication
if
m
a
meaningful
relationship
construct
is
2
assumed
metho
temp
formers
t
practices
w
al.
een
C
exc
(
hange
regimes.
classication,
The
regime
limitations
erio
ormer
p
revised
p
standard
erformances,
exc
it's
exc
quite
arious
dicult
it
to
ev
underscore,
classication
e
f
xcept
,
ma
?
yb
e
e
and
b
databases
et
within
w
r
een
or
ination
a
nomenclature
o
o
economics.
erativ
hange
a
macro
nomenclature
arrangemen
(iii)
t.
enets
Nearly
ts,
,
whic
hange
using
exc
suc
ers
h
managed
studies
allo
are
ed
v
oat
on
.
ternational
et,
ocial
closer
or
of
"standard"
exp
classication
suggests
o
these
ually
classications
published
fail
in
describ
tries
actual
IMF's
try
coun
(Calv
nnual
and
R
b
in
all
ort
gap
of
t
Exchange
database
R
their
ate
de
A
e
rr
exc
angements
a
exc
few
previous
questions
attempted
R
optimal
estrictions"
an
,
c
whic
in
h
a
un
ore
til
e
1999
categorization
ask
et
ed
(1995))
for
rely
v
hoice
r
statistical
states
ds
database
order
self-declare
regroup
their
try
arrangemen
(
thly
et
Sp
(2000),
ecically
and
,
o
a
ur?
de
2001),
jur
The
e
rate
classication
(2000a)).
u
IMF,
n
hange
til
of
1
f
999
classication,
distinguished
tly
b
and
et
the
w
ocial
een
h
t
w
hree
classifying
main
hange
categories:
arrangemen
t
in
p
though
unresolv
did
facto
re-
hange
aluate
arrangemen
historical
to
a
the
the
v
act.
exibilit
tly
y
B
(those
f
in
tk
p
Rob
ermit
(2002)
jor
Reinhart
of
o
presen
In
t
hange
1
rate
of
to
e
exc
gged
rate
regimes,
ts
(ii)
examine
regimes
e
1999.
olution
limited
exible
erify
and
IMF
the
mon
presen
latters
The
1990
since
IMF
Rogo
and
ubula
ts
to
the
and
ati
ey
to
al.
ast.
een
the
that
(2000)),
or
rate
the
and
t),
exc
that
with
(i)
the
t.
to
mem
and
"A
the
ann
based
all
and
real
and
Ev
xed
to
of
Rose
al.
um
rate
and
on
Con
ed
rate
ofFirst,
prop
osed
ey
for
Comm
unit
area
main
arying
be
tries
that
are
not
mem
be
of
Monetary
AMZ)
rate
of
hange
rate
ey
pap
to
them
rate
the
area.
exc
Ac
be
coun
be
Sev
pe
the
to
po
tial
rate
rate
be
and
be
be
dep
and
formally
Sturzenegger
actual
(2000a)
ocial
k
and
YS
oating
thereafter),
Suc
the
et
hallenge
the
historical
oncludes
c
past
suggested
explain
b
Calv
y
regime
Bubula
of
and
statistics.
?tk
tioned.
er-Rob
3
e
W
(2002)
hange
used
dier
thereafter)
ariet
statistical
exc
n
osure
African
oating"
e
t
eloping
the
coun
they
tries
al.
b
r
e
gro
longing
e
ati
three
the
2
turn
a
W