Universidad Torcuato Di Tella
Escuela de Negocios
Eduardo Levy Yeyati
Eduardo Levy Yeyati
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Exchange Rate Classification
Levy
Yeyati-Sturzenegger (LYS)
de facto classification of exchange rate
regimes
Updated,
December 2005 
This file contains our de facto classification of exchange rate regimes based on observed exchange rate behavior and central bank intervention, completed and extended. The classification, which now covers 183 countries over the period 1974-2004, is presented in two formats. A four-way classification into floats, dirty floats, crawling pegs and pegs, and a three-way classification into floats, intermediates and pegs. To download the Excel version of the database please save it first in your hard drive and then open it up from Excel.
The methodology used is discussed in detail in the following two documents:
"A de facto Classification of Exchange Rate Regimes: A Methodological Note," posted at http://www.aeaweb.org/aer/contents/ of American Economic Review, Vol. 93, No. 4, September 2003
"Classifying Exchange Rate Regimes: Deeds vs. Words," European Economic Review, Volume 49, Issue 6, August 2005, Pages 1603-1635.
Sovereign Debt Data
Cowen-Levy
Yeyati-Panizza-Sturzenegger (CLYPS) database on sovereign debt in the Americas
Updated,
December 2005
This stata file contains the first comprehensive database on sovereign debt comprising all countries in the Americas, systematically compiled to ensure cross-country comparability. The database also includes three non-American economies for comparison: New Zealand, Pakistan and South Africa.
The methodology used to compile this data is discussed in detail in the following document: "Sovereign Debt in the Americas: New Data and Stylized Facts", CIF Working Paper No. 9/2006, July 2006.
Financial Dollarization Data
Updated,
September 2005
This excel file updates the data on deposit dollarization and restrictions on domestic foreign currency intermediation used in "Financial Dollarization: Evaluating the Consequences", Economic Policy, January 2006.
"The
Cost of Reserves", 2006, World Bank Working Paper No. 585 and CIF Working
Paper No. 12/2006.
"Sovereign
Debt in the Americas: New Data and Stylized Facts", 2006, (with K.
Cowen, U. Panizza and F. Sturzenegger), IDB Working Paper No. 577 and CIF
Working Paper No. 9/2006.
"The Elusive
Cost of Sovereign Default", (w. U. Panizza), 2006, IDB Working Paper
581.
"Optimal
Debt: On the Insurance Value of International Debt Flows to Developing
Economies", 2006, IDB Working Paper 575 and CIF Working Paper
No. 11/2006.
Financial
Dollarization: The Policy Agenda, (edited with A. Armas
and A. Ize), Palmgrave, London, 2006.
Includes the papers:"Global Factors and Emerging Market Spreads", 2005, (with M. González Rozada), IDB Working Paper No. 552 and CIF Working Paper No. 7/2005."Managing Systemic Liquidity Risk in Financially Dollarized Economies," 2005, (with Alain Ize and Miguel A. Kiguel), CIF Working paper No. 4/2005.
"Financial De-Dollarization: Is It for Real?, 2005, (with Alain Ize), CIF Working paper No. 5/2005.Version del libro en español: Dolarización Financiera: La Agenda de Política, Banco Central de Perú, 2006.
"Liquidity Insurance in Financially Dollarized Economies", prepared for the 2005 NBER-IASE Conference, Rio de Janeiro, December 1-2, NBER Working Paper No 12345.
"Exchange
Rate Regimes in the 2000s: A Latin American Perspective", 2005, prepared
for the Conference on A New Economic Development Agenda for Latin America,
Salamanca, October 8-9.
The conclusions of the conference were reproduced in the following press release.
"A (New) Country Insurance Facility", 2005, (with Tito Cordella), International Finance, Vol 9 (1).
For an abridged discussion of these ideas, see our Proposal for a New IMF Country Insurance Facility, IMF Survey, March 21, 2005, pp. 70-71, and The Case for an IMF Insurance Facility, prepared for the IIE Conference on IMF Reform, September 23, 2005."International Financial Integration through the Lens of the Law of One Price", 2006, (with Sergio Schmukler and Neeltje van Horen), CIF Working Paper No. 1/2006.
"Dollars, Debts,
and the IFIs: Dedollarizing Multilateral Lending", 2005, prepared for
the Conference
on "Dollars, Debts and Deficits - 60 Years After Bretton Woods", organized
by the International Monetary Fund and the Bank of Spain, Madrid, June
14-15, 2004.
"On
the Endogeneity of Exchange Rate Regimes", (with Federico Sturzenegger
and Iliana Reggio), revised version, December 2004.
"Market Discipline under Systemic Risk: Evidence from Bank Runs in Emerging Economies", 2004, (with María Soledad Martínez Pería and Sergio Schmukler), The World Bank Working Paper # 3440. Prepared for the May 17–18 workshop on “Accounting, Transparency and Bank Stability,” organized by the Basel Committee on Banking Supervision, the CEPR and the Journal of Financial Intermediation in Basel, Switzerland.
Publicaciones con referato / Refereed publications
27. “Concentration and Foreign Penetration in Latin American Banking Sectors: Impact on Competition and Risk" (with Alejandro Micco), available online, Journal of Banking and Finance.
26. “The Public Banks Debate: A Reappraisal", (with Alejandro Micco y Ugo Panizza), forthcoming, Economia.
A previous version of this paper, circulated under the title "Should the Government be in the Banking Business? The Role of State-Owned and Development Banks", was presented at the seminar on Governments and Banks: Responsibilities and Limits, IDB-IIC Annual Meetings, Lima, Peru, March 28, 2004. An abridged Spanish version is reproduced ublished in Perspectivas, vol. 2 (2), pp. 131-167.25. “Dollars, Debts, and the IFIs: Dedollarizing Multilateral Lending,” World Bank Economic Review, 21, pp. 21-47.
24. "A (New) Country Insurance Facility", 2005, (with Tito Cordella), International Finance, Vol 9 (1).
23. "Financial Dollarization: Evaluating the Consequences", Economic Policy, January 2006.
Some of the ideas presented in the paper were previously introduced in "Financial Dedollarization: A Carrot and Stick Approach", CIF Working Paper 8/2003, April 2003, prepared for the IDB's XVIII Meeting of the Latin American Network of Central Banks and Finance Ministries on April 9, 2003, and "Financial Dollarization: Where Do We Stand?", presented at the IADB/World Bank Conference on Financial Dedollarization: Policy Options, December 1-2, 2003.22. "Country Insurance", (with Tito Cordella), IMF Staff Papers, 52, pp. 85-106, 2005.
21. "Endogeous Deposit Dollarization", 2006, (with Christian Broda), Journal of Money, Credit and Banking, Vol. 38 (4), pp. 963-988.
20. "The Cyclical Nature of FDI Flows", 2007, (with Ugo Panizza and Ernesto Stein), Journal of International Money and Finance, vol. 26(1), pp. 104-130.
19. "Exchange Rates as Shock Absorbers", (with Sebastian Edwards), European Economic Review, 49 (8), pp. 2079-2105, 2005.
18. "Classifying Exchange Rate Regimes: Deeds vs. Words", February 2002, (with Federico Sturzenegger), European Economic Review, Volume 49, Issue 6, August 2005, pp. 1603-1635.
17. "The Price of Inconvertible Deposits: The Stock Market Boom during the Argentine Crisis", (with Sergio Schmukler and Neeltje van Horen), Economic Letters, 83 (1), pp. 7-14, 2004.
16. “Financial Dollarization and Debt Deflation under a Currency Board,” (with Sebastián Galiani and Ernesto Schargrodsky), Emerging Markets Review, 4, pp. 340-367, 2003.
15. "Bank Bailouts: Moral Hazard vs. Value Effect", (with Tito Cordella), Journal of Financial Intermediation, 12(4), pp. 300-330, 2003.
14. "To Float or to Fix: Evidence on the Impact of Exchange Rate Regimes on Growth", (with Federico Sturzenegger), American Economic Review, Vol. 93 (4), pp. 1173-1193, 2003.
13. "A de facto Classification of Exchange Rate Regimes: A Methodological Note", (with Federico Sturzenegger), American Economic Review web edition.
12. "Financial Dollarization", (with Alain Ize), Journal of International Economics, 59, pp. 323-347, 2003.
11. "Living and Dying with Hard Pegs: The Rise and Fall of Argentina’s Currency Board", (with Augusto de la Torre and Sergio Schmukler), Economía, vol. 5 (2), pp. 43-99, 2003, reprinted in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability, Volbert A., J. Mélitz, and G. von Furstenberg, eds., forthcoming, Oxford University Press.
Powerpoint presentation at a Conference on the Argentine Crisis at Columbia University. A preliminary version of the paper has been circulated as "Argentina’s Financial Crisis: Floating Money, Sinking Banking". Many of these ideas were summarized at a presentation at the session on The Argentina Crisis organized by the NBER Project on Exchange Rate Crises in Emerging Market Countries on July 17, 2002. A write-up of the meeting can be found on the NBER Currency Crises website. Featured in The Economist's Economic Focus (August 8, 2002), Clarín (August 11, 2002) and in my own op-ed for La Nación (August 4, 2002). A revised Spanish version of this presentation at the XVII Jornadas Anuales de Economía organized by the Central Bank of Uruguay was published as "Dolarización Financiera y Crisis Bancaria" in Revista de Economía del Banco Central del Uruguay, Vol. 9 (2).10. "Financial Globalization: Unequal Blessings", (with Augusto de la Torre and Sergio Schmukler), International Finance, vol. 5 (3), pp. 335-357, 2002.
9. "On the Impact of a Common Currency on Bilateral Trade", Economic Letters, vol. 79 (1), pp 125-129, 2003.
8. "Exchange Rate Regimes and Economic Performance", (with Federico Sturzenegger), IMF Staff Papers, 47, pp. 62-98, 2001.
7. "10 Años de Convertibilidad: La Experiencia Argentina", Revista de Análisis Económico, vol 16 (2), pp. 3-42, 2001.
6. "Financial Opening, Deposit Insurance and Risk in a Model of Banking Competition", (with Tito Cordella), European Economic Review, 46, pp 471-485, 2002.
5. "Is EMU a Blueprint for Mercosur?", (with Federico Sturzenegger), Cuadernos de Economía, Año 37, No. 110, pp. 63-99, 2000.
4. "Implications of the Euro for Latin America’s Financial and Banking Sectors", (with Federico Sturzenegger), Emerging Markets Review, Vol 1(1), pp. 53-81, 2000.
3. "Crises, Contagion and the Closed-End Country Fund Puzzle", (with Angel Ubide-Querol), forthcoming, IMF Staff Papers, 41 (1), pp. 54-89, 2000.
2. "Public Disclosure and Bank Failures", IMF Staff Papers, 45 (1), pp. 110-131, 1998.
1. "Convergence and Political Cycles", Económica, XLIV, No. 1-2, pp. 103-125, 1998.
Libros / Books
Living with Debt: How to Limit the Risk of Sovereign Finance, (with Eduardo Borensztein and Ugo Panizza), Harvard University Press, Cambridge.
Excerpt (English)
Financial
Dollarization: The Policy Agenda, (edited with Adrian Armas
and Alain Ize), Palmgrave, London.
Includes the
chapters:
Managing Systemic Liquidity Risk in Financially Dollarized Economies, (with Alain Ize and Miguel Kiguel).
Financial
De-Dollarization: Is It for Real?, (with Alain Ize).
Version del
libro en español: Dolarización
Financiera: La Agenda de Política, Banco Central
de Perú, 2006.
Dollarization:
Debates and Policy Alternatives, (edited with Federico Sturzenegger),
MIT Press, 2003.
Includes the chapters:
Dollarization: A Primer, (with Federico Sturzenegger).
Dollarization and the Lender of Last Resort, (with Christian Broda).
Publicaciones sin referato / Non-refereed publications
Editor, Special
Issue on Financial Dollarization, Journal of Policy Reform,
Volume 8, Issue 4.
Includes:
“Introduction”
(with Eduardo Fernández Arias), pp. 239-240.
“The Case for an IMF Insurance Facility”, (with Tito Cordella), in Reforming the IMF for the 21st Century (E. Truman, ed.), Institute of International Economics Special Report 19, 2006.
“Comments on Financial Dollarization and Dedollarization, by Eduardo Fernández Arias”, Economía 6 (2), pp.91-94, 2006.
"Recurrent Debt Problems and International Safety Nets", in The Political Economy of Recurrent Debt, in Miguel A. Centeno, Harold James, and John Londregan, eds., Princeton Institute for International and Regional Studies Monograph Series, no. 3 (Princeton: PIIRS, Princeton University, 2005).
“De jure Dollarization and Euroization”, in European Economic Integration and South-East Europe: Challenges and Prospects, (K. Liebscher, J. Christ, P. Mooslechner and D. Ritzberger-Grunwald, eds.), Edward Elgar.
“Market Discipline in Emerging Economies: Beyond Bank Fundamentals,” (with María Soledad Martínez Pería and Sergio Schmukler), in Market Discipline across Countries and Industries, W. Hunter, G. Kaufman, C. Borio and K. Tsatsaronis, eds., MIT Press, 2004.
"Should the Government be in the Banking Business?", 2004, (with Alejandro Micco and Ugo Panizza), in Unlocking Credit: The Quest for Deep and Stable Lending, in Inter-American Development Bank, 2004.
"The FTAA and the Location of FDI", (with Christian Daude and Ernesto Stein), in Integrating the Americas: FTAA and Beyond, A. Estevadeordal, D. Rodrik, A. Taylor and A. Velasco, eds., Harvard University Press, 2003.
“Comments on Why are capital flows so much more volatile in developing than in developed countries? The (non) role of fundamentals, by Fernando A. Broner and Roberto Rigobón,” Vulnerabilidad Externa y Políticas de Prevención, Banco Central de Chile.
"Living and Dying with Hard Pegs: The Rise and Fall of Argentina’s Currency Board", (reprinted from Economía) in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability, Volbert A., J. Mélitz, and G. von Furstenberg, eds., forthcoming, Oxford University Press.
"Regional Integration and Foreign Direct Investment," (with Ernesto Stein and Christian Daude), in Beyond Borders: The New Regionalism in Latin America, Inter-American Development Bank, 2002.
"Dolarización Financiera y Crisis Bancaria", Revista de Economía del Banco Central del Uruguay, Vol. 9 (2), 2002.
"Diez Años de Covertibilidad: Evaluación y Perspectivas", in Crecimiento y Equidad en la Argentina, FIEL, October 2001.
"El Futuro de la Integración Macroeconómica", (with Jorge Carrera y Federico Sturzenegger) in Coordinación de Políticas Macroeconómicas en el Mercosur, Jorge Carrera and Federico Sturzenegger, eds., Fondo de Cultura Económica, October 2000.
"Monetary Operations and Government Securities Markets," in Transforming Financial Systems in the Baltics, Russia and Other Countries of the Former Soviet Union, Malcolm Knight, Arne B. Petersen and Robert T. Price, eds., International Monetary Fund. May 1999.
Three Essays on Macroeconomic Finance, 1996, Ph.D. Dissertation, University of Pennsylvania, Philadelphia, PA.
Documentos de trabajo / Working papers
"The Cost of Reserves", 2006, IDB Working Paper No. 585 and CIF Working Paper No. 12/2006.
"Sovereign Debt in the Americas: New Data and Stylized Facts", 2006, (with K. Cowen, U. Panizza and F. Sturzenegger), CIF Working Paper No. 9/2006.
"The Elusive Cost of Sovereign Default", (w. U. Panizza), 2006, CIF Working Paper No. 10/2006.
"Optimal Debt: On the Insurance Value of International Debt Flows to Developing Economies", 2006, CIF Working Paper No. 11/2006.
"Global Factors and Emerging Market Spreads", 2005, (with M. González Rozada), CIF Working Paper No. 7/2005.
"Liquidity Insurance in Financially Dollarized Economies", prepared for the 2005 NBER-IASE Conference, Rio de Janeiro, December 1-2, NBER Working Paper No 12345.
"Exchange Rate Regimes in the 2000s: A Latin American Perspective", 2005, prepared for the Conference on A New Economic Development Agenda for Latin America, Salamanca, October 8-9.
"International Financial Integration through the Lens of the Law of One Price", 2005, (with Sergio Schmukler and Neeltje van Horen), mimeo.
“The Fiscal Spending Gap and the Procyclicality of Public Expenditure,” (with Sebastián Galiani), 2003, UTDT, mimeo.
"Regional Integration and the Location of FDI", 2003, (with Christian Daude and Ernesto Stein), IDB Working Paper # 492.
"Financial Dedollarization: A Carrot and Stick Approach", CIF Working Paper 8/2003, UTDT.
"On the Endogeneity of Exchange Rate Regimes", 2003, (with Federico Sturzenegger and Iliana Reggio), mimeo, UTDT.
"El Uso de Instrumentos Derivados en Empresas no Financieras: El Caso de Argentina", (with Mariano Tappatá y Gustavo Jakoniuk), CIF Working Paper 6/2000, UTDT.
"The Role of the Banking System in the Transmission of External Shocks: Micro Evidence from Argentina 1996-1999", August 2000, (with Miguel Braun).
"Global Moral Hazard, Capital Account Liberalization and the 'Overlending Syndrome'", 1999, IMF Working Paper.
"Dollarization of Financial Intermediation: Causes and Policy Implications", 1998, (with Alain Ize), IMF Working Paper.
"Investment in Inflationary Economies", 1996, IMF Working Paper.
"Currency Bands: Uncertainty and Speculative Attacks", 1995, (with Nilson Teixeira), Proceedings of the XVII Brazilian Econometric Society Meeting.
