01895cas a2200265 a 4500 AALejournalIMF003459 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451860580 1018-5941 BD-DhAAL BD-DhAAL Detragiache, Enrica. Exits from Heavily Managed Exchange Rate Regimes / Enrica Detragiache, Eisuke Okada, Ashoka Mody. Washington, D.C. : International Monetary Fund, 2005. 1 online resource (24 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 A widely held nostrum is that countries should exit heavily managed exchange rate regimes when the going is good, rather than when the exchange rate is under pressure to depreciate. Have countries followed this advice in practice? And, if so, how good has the going been? We find that in the past 25 years or so, almost all exits to more flexible regimes were followed by a depreciation of the exchange rate, and that exits were about evenly divided between disorderly and orderly cases. A logit econometric model, indicates that the general circumstances of orderly and disorderly exits have been broadly similar: an overvalued real exchange rate, falling reserves, a difficult fiscal position, and high world interest rates. Wellestablished pegs were less likely to end. Mode of access: Internet Mody, Ashoka. Okada, Eisuke. IMF Working Papers; Working Paper ; No. 2005/039 Full text available on IMF http://elibrary.imf.org/view/journals/001/2005/039/001.2005.issue-039-en.xml IMF e-Library