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Cover IMF Working Papers
A Political-Economic Model of the Choice of Exchange Rate Regime
Ms. Yan M Sun
Facing electoral uncertainty, a government chooses its exchange regime in a trade-off among three incentives: (i) tying the hands of its opponent should it lose the election; (ii) facilitating its own future policy implementation should it win the election; and (iii) increasing its chance of reelection.
Keywords:
WP; exchange rate; exchange rate regimes; political economy; budget constraint; regime choice; exchange regime; incumbent government; incumbent's regime policy; choice of a government; Exchange rate arrangements; Exchange rate flexibility; Inflation; Conventional peg