This paper presents a monthly database on de facto exchange rate
regimes that covers all IMF members since 1990. Information from
IMF country reports and other sources, including exchange rate
data, is utilized to determine de facto exchange rate policies.
Countries are categorized based on these policies using the IMF
nomenclature adopted in 1999. This approach ensures the forward
compatibility of the database. The database is then used to examine
whether the "bipolar view" of exchange regimes holds with de facto
regimes. It is found that the proportion of countries adopting
"intermediate" regimes has indeed been shrinking in favor of
greater flexibility or greater fixity, especially for countries
more integrated with international markets. Analyses based on
Markov chains of regime transitions, however, provide (mixed)
evidence against the bipolar view.
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