The Country Chronologies to Exchange Rate Arrangements into the 21st Century: Will the Anchor Currency Hold?

135 Pages Posted: 7 Feb 2017

See all articles by Ethan Ilzetzki

Ethan Ilzetzki

London School of Economics & Political Science (LSE) - Department of Economics

Carmen Reinhart

Harvard University

Kenneth Rogoff

Harvard University - Department of Economics; National Bureau of Economic Research (NBER)

Date Written: February 2017

Abstract

Detailed country-by-country chronologies are an informative companion piece to our paper “Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?,” which provides a comprehensive history of anchor or reference currencies, exchange rate arrangements, and a new measure of foreign exchange restrictions for 194 countries and territories over 1946-2016. The individual country chronologies are also a central component of our approach to classifying regimes. These country histories date dual or multiple exchange rate episodes, as well as to differentiate between pre-announced pegs, crawling pegs, and bands from their de facto counterparts. We think it is important to distinguish between say, de facto pegs or bands from announced pegs or bands, because their properties are potentially different. The chronologies also flag the dates for important turning points, such as when the exchange rate first floated, or when the anchor currency was changed. We extend our chronologies as far back as possible, even though we only classify regimes from 1946 onwards.

Suggested Citation

Ilzetzki, Ethan and Reinhart, Carmen and Rogoff, Kenneth S., The Country Chronologies to Exchange Rate Arrangements into the 21st Century: Will the Anchor Currency Hold? (February 2017). NBER Working Paper No. w23135. Available at SSRN: https://ssrn.com/abstract=2912108

Ethan Ilzetzki (Contact Author)

London School of Economics & Political Science (LSE) - Department of Economics ( email )

Houghton Street
London WC2A 2AE
United Kingdom

Carmen Reinhart

Harvard University ( email )

79 John F. Kennedy Street
Cambridge, MA 02138
United States

Kenneth S. Rogoff

Harvard University - Department of Economics ( email )

Littauer Center
Room 232
Cambridge, MA 02138
United States
617-495-4022 (Phone)
617-495-7730 (Fax)

National Bureau of Economic Research (NBER)

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Cambridge, MA 02138
United States

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