Exchange Rate Regimes and Economic Performance: The Italian Experience |
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Contents
Introduction | 1 |
Classifying exchange rate regimes in Italy | 9 |
lc Exchange rates reserves and discount rate 19431998 | 18 |
6 other sections not shown
Common terms and phrases
adopted in Italy asterisks indicate significance autocorrelation Banca d'Italia Bretton Woods Bretton Woods system cent levels respectively cluster analysis consistent standard errors convertibility bimetallic system countries crawling peg regime crisis currency CUSUM depreciation Deutsche Mark European Monetary System exchange rate lire exchange rate policy exchange rate regimes fear of pegging fixed exchange rate floating exchange rate Following Levy-Yeyati foreign reserves Ghosh gold standard growth rate heteroskedasticity inflation performance inflation rate Inflation regressions interest rates ISTAT Italian lira Levy-Yeyati and Sturzenegger lire per dollar managed floating inconvertibility max mean std monetary authorities monetary policy multinomial logit official discount rate one-step residuals output growth parity peg convertibility bimetallic peg to DM period analysed POPGR principal component analysis real per capita recursive coefficients regime dummies regime index second half second round classification Second World September 1992 soft peg inconvertibility stabilise std min max Sturzenegger 2001 Table three asterisks indicate Unit Root