Data on Effective Exchange Rate Regimes

This new dataset offers effective exchange rate regimes for a large number of countries.

Effective exchange rate regimes are computed as trade-weighted averages of bilateral exchange rate regimes. Unlike traditional “unilateral” exchange rate regimes, they do not only consider the regime vis-à-vis one (anchor) currency, but also account for indirect relationships against all other currencies.

The computation of effective exchange rate regimes is described in Harms and Knaze (2021) (see the reference below).

Information on bilateral exchange rate regimes is given here.

Effective exchange rate regimes are provided both on a de-facto and a de-jure basis:

  • Data on effective de-facto exchange rate regimes are based on the classification of Ilzetzki et al. (2019) for the years 1973-2016.
  • Data on effective de-jure exchange rate regimes are based on the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAR) for the years 2000-2016. In addition, we offer effective de-facto exchange rate regimes based on the IMF’s de-facto classification.

A description of the data is given on the ReadMe page of the Excel file.

When you use our data on effective exchange rate regimes, please cite the following paper as the data source:

Philipp Harms & Jakub Knaze, 2021. "Effective Exchange Rate Regimes and Inflation,"  Working Papers 2102, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz.



We are not responsible for the results of any estimation that uses the data. The data on bilateral de-jure exchange rate regimes is based on the information reported in the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER). The data on bilateral de-facto exchange rate regimes are based on information kindly provided by Ethan Ilzetzki and described in: Ilzetzki, E., Reinhart, C. M., and Rogoff, K. S. (2019): Exchange arrangements entering the 21st century: Which anchor will hold?, Quarterly Journal of Economics, 134(2):599-646. (See this link for an updated description of the Ilzetzki et al. dataset.)