Exchange Rates and Dollarization

Exchange Rate Arrangements Entering the 21st Century: Which Anchor Will Hold? (with Ethan O. Ilzetzki). This new paper includes updates to  the exchange rate regime classifications in The Modern History of Exchange Rate Arrangements:  A Reinterpretation Quarterly Journal of Economics 119(1):1-48, February 2004 (Now available online, see below).

Background material for "Exchange Rate Arrangements Entering the 21st Century: Which Anchor Will Hold?" 

• Monthly coarse classification, 1946:1-2007:12
• Monthly fine classification, 1946:1-2007:12
• Annual coarse classification, 1946-2007
• Annual fine classification, 1946-2007
• IMF official classification 1970-2007
• Updated country chronologies: 1946:1-2007:12 with additional countries added to Reinhart and Rogoff (2004)
• Monthly official and parallel market rates 1946:1-1998:12

The Modern History of Exchange Rate Arrangements: A Reinterpretation (with Kenneth S. Rogoff) NBER Working Paper 8963, 2002. Revised version March 2003, Quarterly Journal of Economics, Vol. CXIX No. 1, February 2004, 1-48.
Featured in: Business Week June 28, 2002 and Finance and Development Vol. 39 No. 3., September 2002.

• A Modern History of Exchange Rate Arrangements: The Country Histories, 1946-2001
• A Modern History of Exchange Rate Arrangements: Chartbook, 1946-2001
• A Modern History of Exchange Rate Arrangements: Parallel Markets and Dual and Multiple Exchange Rates

Addicted to Dollars (with Keneth S. Rogoff and Miguel A. Savastano) NBER Working Paper 10015.

Twin Fallacies About Exchange Rate Policy in Emerging Markets (with Vincent R. Reinhart), Moneda y Crédito Vol. 216, (2003), 11-29.

What Hurts Most: G-3 Exchange Rate or Interest Rate Volatility? (with Vincent R. Reinhart) in Sebastian Edwards and Jeffrey Frankel, eds. Preventing Currency Crises in Emerging Markets (Chicago: University of Chicago Press for the NBER, 2001), 73-99. See also NBER Digest, (Cambridge: NBER, January 2002). 

Fixing for Your Life (with Guillermo A. Calvo), in Susan Collins and Dani Rodrik, eds., Brookings Trade Forum 2000 (Washington, DC: Brookings Institution, 2001), 1-39.

Fear of Floating (with Guillermo A. Calvo) NBER Working Paper version. Revised version, Figure 1 of revised version, Quarterly Journal of Economics, Vol. CXVII No. 2, May 2002, 379-408. Background material, Variance ratios.
Fear of Floating: Exchange Rate Flexibility Indices
Featured in: The Economist, November 18, 2000 and the Financial Times, January 8, 2002.Financial Times, Deutschland, December 28, 2005, Lanka Business, Sri Lanka, August 22, 2007 Resource Investor, November 20, 2008, among others.

The Mirage of Floating Exchange Rates, American Economic Review, Vol. 90, No. 2, May 2000, 65-70.
Featured in: IMF Survey. January 23, 2000, and Dow Jones Newswire May 1, 2000.

What Does a G-3 target Zone Mean for Emerging Market Economies? (with Vincent R. Reinhart), Figure 1 (longer version). Finance and Development, Vol. 39 No. 1, (Washington DC: International Monetary Fund, March 2002), 17-19.

Devaluation, Relative Prices, and Trade, IMF Staff Papers, Vol. 42, No. 2, June 1995, 290-312.

Targeting the Real Exchange Rate: Theory and Evidence (with Guillermo A. Calvo and Carlos A. Végh), Journal of Development Economics, Vol. 47, June 1995, 97-133. In spanish.