Classifications

This spreadsheet contains for the advanced and emerging economies

• the full menu classification, for each country, 1974-2017
• the aggregation by target variable, for each country, 1974-2017
• the aggregation by stage of development, for each country, 1974-2017

This spreadsheet contains the corresponding data for the MENA countries.

This spreadsheet contains the corresponding data for the Latin American countries.

This spreadsheet contains the corresponding data for Asian emerging and developing countries.

This spreadsheet contains the corresponding data for African emerging and developing countries.

The classifications used and their definitions are these (tables taken from the discussion paper):

Table 1: The categories of the classification

	full name	acronym	definition
1	Multiple direct controls	MDC	multiple exchange rates and/or controls on direct lending, interest rates, etc
2	Pure exchange rate fix	PERF	exchange rate fixed purely by intervention, no monetary instruments in use
3	Augmented exchange rate fix	AERF	exchange rate fixed by intervention, some basic monetary instruments in use
4	Pure currency board	PCB	domestic currency 100% backed by foreign currency, no monetary instruments in use
5	Augmented currency board	ACB	domestic currency 100% backed by foreign currency, basic monetary instruments in use
6	Unstructured discretion	UD	ineffective set of instruments and incoherent mix of objectives
7	Loose exchange rate targeting	LERT	narrow stationary targets not well hit or wider targets attained
8	Loose converging exchange rate targeting	LCERT	converging narrow targets not well hit or wider targets attained
9	Loose monetary targeting	LMT	narrow stationary targets not well hit or wider targets attained
10	Loose converging monetary targeting	LCMT	converging narrow targets not well hit or wider targets attained
11	Loose inflation targeting	LIT	narrow stationary targets not well hit or wider targets attained
12	Loose converging inflation targeting	LCIT	converging narrow targets not well hit or wider targets attained
13	Monetary with exchange rate targeting	MwERT	monetary targets and exchange rate fixes or targets, monetary dominant
14	Exchange rate with monetary targeting	ERwMT	monetary targets and exchange rate fixes or targets, exchange rate dominant
15	Monetary plus exchange rate targeting	M&ERT	monetary targets and exchange rate fixes or targets, primacy unclear
16	Monetary with inflation targeting	MwIT	monetary and inflation targets, monetary dominant
17	Inflation with monetary targeting	IwMT	monetary and inflation targets, inflation dominant
18	Monetary plus inflation targeting	M&IT	monetary and inflation targets, primacy unclear
19	Inflation with exchange rate targeting	IwERT	inflation targets and exchange rate (fixes or) targets, inflation dominant
20	Exchange rate with inflation targeting	ERwIT	inflation targets and exchange rate (fixes or) targets, exchange rate dominant
21	Inflation plus exchange rate targeting	I&ERT	inflation targets and exchange rate (fixes or) targets, primacy unclear
22	Exchange rate, monetary, inflation targeting	ER&M&IT	three full targets (or fixes), whichever dominant
23	Loosely structured discretion	LSD	instruments not effective or objectives not coherent or both only partly so
24	Use of another sovereign’s currency	UASC	dollarisation or euroization
25	Currency union membership	CU	currency union
26	Full exchange rate targeting	FERT	narrow announced stationary targets typically attained
27	Full converging exchange rate targeting	FCERT	narrow announced converging targets typically attained
28	Full monetary targeting	FMT	narrow announced stationary targets typically attained
29	Full converging monetary targeting	FCMT	narrow announced converging targets typically attained
30	Full inflation targeting	FIT	narrow announced stationary targets typically attained
31	Full converging inflation targeting	FCIT	narrow announced converging targets typically attained
32	Well structured discretion	WSD	full and effective set of monetary instruments and coherent set of objectives

That set of frameworks is very detailed, too detailed for many purposes, and some of the categories are far from frequent. But the classification has been constructed in such a way that it can be easily aggregated. Two such aggregations are shown in Table 4, but researchers may also want to aggregate the frameworks in some different way themselves:

Table 4: Two useful  aggregations

by target variable:	frameworks	Numbers
direct controls	MDC	1
exchange rate fix ERF	PERF, AERF, PCB	2,3,4
exchange rate targets ERTs	ACB, FERT, FCERT, LERT, LCERT	5,7,8,26,27
monetary target MTs	FMT, FCMT, LMT, LCMT	9,10,28,29
inflation target ITs	FIT, FCIT, LIT, LCIT	11,12,30,31
mixed targets	MwERT, ERwMT, M&ERT, MwIT, IwMT, M&IT, IwERT, ERwIT, I&ERT, ER&M&IT	13-22
unstructured discretion	UD	6
loosely structured discretion	LSD	23
well structured discretion	WSD	32
no national framework (NNF)	UASC, CU	24,25
by degree of monetary control
rudimentary	MDC, PERF	1,2
intermediate	AERF, PCB, UD	3,4,6
substantial	ACB, all LC*T, all FC*T, all L*T, all mixes, LSD	5,7-12,13-23, 27,29,31
intensive	FERT, FMT, FIT, WSD	26,28,30,32

 These definitions and related explanations can also be found in the discussion paper.

Download the advance and emerging economies spreadsheet.