Front Matter Page
Western Hemisphere Department
Authorized for distribution by Trevor Alleyne
Contents
I. Introduction
II. Exchange Rate Regime Choice: Theory and Evidence
A. Optimum Currency Area Theory
B. Capital Account Openness Hypothesis
C. Institutional and Historical Characteristics Hypothesis
III. Data Sources, Variable Definition, and Methodology
IV. Discussion of Results
V. Summary and Conclusions
Appendices
1. Exchange Rate Regime Choice by Six Central American Countries Over the 1974–2001 Period
2. Detailed Definition of Independent Variables and Summary Statistics
References
Text Tables
1. Constructed Variables Used in the Empirical Analysis
2. Estimation Results (Probit Model)
3. Estimation Results of Parsimonious Models (Probit Model)
4. Estimation Results of Parsimonious Models (Multinomial Logit Model)
Appendix II Tables
1. Original Series Used to Construct the Different Variables
2. Summary Statistics of Variables Used in the Analysis
3. Summary Statistics of Explanatory Variables Under Different Exchange Rate Regimes
4. Correlation Matrix