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It aims to promote research in all aspects of economic development and international trade on both a long term and a short term basis. To this end, CREDIT organises seminar series on Development Economics, acts as a point for collaborative research with other UK and overseas institutions and publishes research papers on topics central to its interests. A… (More)
Previous research has suggested that pegged exchange rates are associated with lower inflation than floating rates. We find that this is certainly true for " hard " pegs. For " soft " pegs, where there are fewer obstacles to devaluation, the evidence is much more ambiguous and more consistent with the causality running from inflation to the exchange rate… (More)
For developing countries, it is shown that different exchange rate classification schemes paint a very inconsistent picture. Disagreements between alternative schemes are as great as with the official scheme. Only the official scheme shows a trend towards floating.
Official and four alternative regime classification schemes based on observed exchange rate behaviour are used to examine the relationship with inflation and growth in developing countries. For an identical sample of observations from 73 countries for 1984-2001, only the scheme based on parallel rates suggests a significant effect (negative) of floating on… (More)