RDP 9811: Effective Real Exchange Rates and Irrelevant Nominal Exchange-Rate Regimes Appendix: Nominal Exchange-rate Regimes

Christopher Kent and Rafic Naja

October 1998

Table A1 indicates how the many different nominal exchange-rate regimes described by the IMF are aggregated into our three broad groupings. Our data on nominal regimes starts in November 1978 and ends in December 1994.

Table A1: Nominal Exchange Regimes – IMF Descriptions
  Description Regime
1 pegged to US dollar Fixed
2 pegged to Pound Sterling Fixed
3 pegged to French Franc Fixed
4 pegged to Spanish Peseta Fixed
5 pegged to South African Rand Fixed
6 pegged to Australian Dollar Fixed
7 pegged to Indian Rupee Fixed
8 pegged to Deutsche Mark Fixed
9 pegged to Russian Rouble Fixed
10 pegged to Italian Lira Fixed
11 pegged to Ethiopian Birr Fixed
12 pegged to Singapore Dollar Fixed
13 pegged to SDR Fixed
14 pegged to other (currency) composite Fixed
15 exchange rate adjusted according to set of indicators Managed
16 cooperative exchange rate arrangements Managed
17 other, split into 3 categories as of 31 July 1982 *
18 flexibility limited in terms of a single currency Managed
19 more flexible: other managed floating Managed
20 more flexible: independently floating Floating

Notes: * Category 17 is simply denoted ‘other’ in the IFS prior to 31 July 1982. For dates prior to this we used information from the IMF Annual Report on Exchange Arrangements and Exchange Restrictions, to dissagregate category 17 into categories 18, 19 and 20 shown above. More detailed information is available on request.