Domestic political institutions and exchange rate commitments in the developing world.
Policymakers use a fixed exchange rate regime to signal their commitment to low inflation and to exchange rate stability. Increasing economic integration and the rise of democratic institutions make it more difficult for policymakers to maintain the credibility of this commitment. We use binary prob...
| Publicado en: | International Studies Quarterly Vol. 43; no. 4; pp. 599 - 621 |
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| Formato: | Artículo |
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Oxford University Press / USA
Dec99
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=2620927&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 2620927 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00208833 ISQ jtl: International Studies Quarterly issn: 00208833 maglogo: N pubinfo: dt: Dec99 vid: 43 iid: 4 pid: 622 pub: Oxford University Press / USA artinfo: ui: 2620927 10.1111/0020-8833.00138 ppf: 599 ppct: 22 formats: fmt: – @attributes: type: T – @attributes: type: P size: 191KB tig: atl: Domestic political institutions and exchange rate commitments in the developing world. aug: au: Leblang, David A. su: Foreign exchange rates Economic conditions in developing countries Monetary policy Developing countries sug: subj: Foreign exchange rates Economic conditions in developing countries Monetary policy Developing countries ab: Policymakers use a fixed exchange rate regime to signal their commitment to low inflation and to exchange rate stability. Increasing economic integration and the rise of democratic institutions make it more difficult for policymakers to maintain the credibility of this commitment. We use binary probit (with a variety of corrections for autocorrelated and heteroscedastic disturbances) to test hypotheses relating democratic institutions to exchange rate regime choice on a sample of 76 developing countries over the period 1973-1994. The empirical analysis indicates that domestic political preferences--as measured by the structure of domestic political institutions and the fractionalization of the party system--influence exchange rate regime choice. We find that floating exchange rate regimes are more likely in democratic than in nondemocratic polities and that democratic polities with majoritarian electoral systems are more likely to fix their exchange rates than those with systems of proportional representation. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y custom: © 2019 International Studies Association. item: International Studies Quarterly holder: Oxford University Press / USA dt: @attributes: year: 1999 holdings: @attributes: islocal: N |
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