01609cas a2200241 a 4500 AALejournalIMF001307 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451855593 1018-5941 BD-DhAAL BD-DhAAL Masson, Paul. Exchange Rate Regime Transitions / Paul Masson. Washington, D.C. : International Monetary Fund, 2000. 1 online resource (17 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The 'hollowing-out,' or 'two poles' hypothesis is tested in the context of a Markov chain model of exchange rate transitions. In particular, two versions of the hypothesis-that hard pegs are an absorbing state, or that fixes and floats form a closed set, with no transitions to intermediate regimes-are tested using two alternative classifications of regimes. While there is some support for the lack of exits from hard pegs (i.e., that they are an absorbing state), the data generally indicate that the intermediate cases will continue to constitute a sizable proportion of actual exchange rate regimes. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2000/134 Full text available on IMF http://elibrary.imf.org/view/journals/001/2000/134/001.2000.issue-134-en.xml IMF e-Library