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首页> 外文期刊>Open economies review >Fear of Floating and Pegging: A Simultaneous Choice Model of De Jure and De Facto Exchange Rate Regimes in Developing Countries
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Fear of Floating and Pegging: A Simultaneous Choice Model of De Jure and De Facto Exchange Rate Regimes in Developing Countries

机译:对浮动汇率与挂钩汇率的恐惧:发展中国家的法律和实际汇率制度的同时选择模型

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摘要

We present an analysis of the determinants of de jure and de facto exchange rate regimes based on a panel probit model with simultaneous equations. The model is estimated using simulation-based maximum likelihood methods. The empirical results suggest a triangular structure of the model such that the choice of de facto regimes depends on the choice of de jure regimes but not vice versa. This gives rise to a novel interpretation of regime discrepancies.
机译:我们基于带有联立方程的面板概率模型,对法律和实际汇率制度的决定因素进行分析。使用基于仿真的最大似然方法估计模型。实证结果表明,该模型为三角形结构,因此,实际制度的选择取决于法律制度的选择,反之则不。这引起了对制度差异的新颖解释。

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