Comment on: 'Exchange rate regime durability and performance in developing versus advanced economies'

摘要

I'm delighted to be able to discuss this paper, although I admit to some initial concern with discussing a paper about exchange rate regimes by three people associated with the IMF. The IMF pretty much wrote the book on exchange rale regimes—it's their mission—and I have no expertise at all. Then I remembered Alan Stockman. If you know Alan even a little, you know he can talk about almost anything and sound knowledgeable. Over the years, I've talked to him about sociobiology, Argentine wines, computer games, Portuguese food, fado, high-end stereos, and many other things. As I thought about this paper, it struck me: Alan can't be an expert in all of these subjects. I'm guessing he's making at least some of it up. So that's what I'll do: make it up when I get stuck. This paper applies a new methodology for classifying exchange rate regimes and uses it to summarize differences in economic performance associated with them: inflation, output growth, output volatility, and the durability of the regime itself. The result is a significant advance in our understanding of exchange rate regimes in rich and (especially) poor countries.