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Most of the empirical literature on exchange rate regimes uses the IMF de jure classification based on the regime announced by the governments, despite the recognized inconsistencies between reported and actual policies in many cases. To address this problem, we construct a de facto classification based on data on exchange rates and international reserves from all IMF-reporting countries over the...
Using a gravity model a la Rose [Economic Policy 30 (2000) 7], I found that the link between a common currency and bilateral trade flows is significantly stronger for common currency pairs comprising unilaterally dollarized countries than for members of a multilateral currency union.
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