The duration of fixed exchange rate regimes



Table 2: Proportional hazard models

Regressors

(I)

(H)

(HI)

(IV)

(V)

(VI) Il

Inflation

0.003**

0.003**

0.002**

0.003***

0.001

0.002*

Growth

-0.068

-0.068

-0.061

-0.111**

-0.131*

-0.088*

Reserves

-2.301

-2.422

-2.128

-2.347

-1.527

-2.323

Openness

-0.023***

-0.020***

-0.025***

-0.017**

-0.042***

-0.018***

Current account

-0.168***

-0.153***

-0.0189***

-0.196***

-0.133**

-0.154***

Budget balance

0.074

0.097*

0.047

0.112**

0.043

0.055

U nemploy ment

-0.109**

-0.107*

—0.095*

-0.127**

-0.130

-0.121**

Capital controls

0.263

Banking crisis

0.312

Fin. development

0.397

Political rights

-0.092

Real exch. rate

20.707

Central bank indep.

1.709**

Country type

0.712*

No. obs.

Й55

Π05

937

968

757

1155

Prob(χ2)

0.000

0.000

0.000

0.000

0.000

0.000



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