Original Sin, Passthrough, and Fear of Floating

Ricardo Hausmann · Ugo G. Panizza · Ernesto Hugo Stein

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Economic Theory and Policy

Abstract

In this paper we consider a set countries with a de jure floating exchange rate and show that there are substantial differences in their exchange rate policies. In particular, we explore how the ability to borrow in own currency and the degree of passthrough from exchange rate to prices affect the degree of exchange rate management. We find strong evidence for a negative link between exchange rate flexibility and ability to borrow in own currency, and a much weaker link between passthrough and exchange rate flexibility.

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1999No Single Currency Regime is Right for All Countries or At All Times 2001Currency crises and monetary policy in an economy with credit constraints 2001Why do countries float the way they float?2000The Pass-Through from Depreciation to Inflation: A Panel Study 2000Fear of Floating 2000Fixing for Your Life 2000Exchange Rate Regimes in an Increasingly Integrated World Economy 1999Should There Be Five Currencies or One Hundred and Five?

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2006LIMITING FOREIGN EXCHANGE EXPOSURE THROUGH HEDGING: THE AUSTRALIAN EXPERIENCE

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