************************************************************************************************** *** This do file creates the replication results for *** Fear of Floating and De Facto Exchange Rate Pegs with Multiple Key Currencies */ *** Thomas Plümper (University of Essex) */ *** Eric Neumayer (LSE) */ *** */ *** Published in: International Studies Quarterly, 55 (4), 2011, pp. 1121-1142 */ ************************************************************************************************** ************************************************************************************************** /* Note: You have to change "local DIR" to the directory you copy the original stata files contained */ /* in the zip file and then run the do file. */ ************************************************************************************************** version 10.1 drop _all clear matrix clear mata set mem 800m set mat 5000 capture net install outreg2, from(http://fmwww.bc.edu/RePEc/bocode/o) /* checks whether outreg2 is installed */ *********************************************************************************** local DIR = "C:\Research\GDP and Trade\Exchange rates\" /*change relative path to the directory where the files are located */ cd "`DIR'" *********************************************************************************** use "Article for ISQ (exchange rate).dta", clear capture net install prchange, /* checks whether prchange is installed */ * Table 3 ** Peg at corr>.6 to 1999 xi: quietly mlogit peg_corr90 imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp_corr90 imp_dmarkarea_gdp_corr90 imp_poundarea_gdp_corr90 imp_dollararea_gdp_corr90 centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1_corr90 nonpeg_spline2_corr90 nonpeg_spline3_corr90 peg_spline1_corr90 peg_spline2_corr90 peg_spline3_corr90 i.year if keycurr==0 & year<1999, base(0) robust xi: mlogit peg imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1 nonpeg_spline2 nonpeg_spline3 peg_spline1 peg_spline2 peg_spline3 i.year if e(sample), base(0) robust * Computing substantive effects prchange imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp centr_bank_independence , rest(median) help * Table 4 ** Peg at corr>.6 after 1999 xi: mlogit pegeuro99 imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_euro asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1 nonpeg_spline2 nonpeg_spline3 peg_spline1 peg_spline2 peg_spline3 i.year if keycurr==0 , base(0) robust * Table 5 ** Sureg to 1999 xi: sureg (corrffranc imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd gdppc polity2 polity2_lngdpd i.year) (corrdmark imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd gdppc polity2 polity2_lngdpd i.year) (corrpound imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd gdppc polity2 polity2_lngdpd i.year) (corrdollar imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd gdppc polity2 polity2_lngdpd i.year) if keycurr==0 & year<1999, * Table 6 ** Sureg after 1999 xi: sureg (corrdmark imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_euro asym_growth_us lngdpd gdppc polity2 polity2_lngdpd i.year) (corrdollar imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_euro asym_growth_us lngdpd gdppc polity2 polity2_lngdpd i.year) if keycurr==0 & year>=1999, * ROBUSTNESS TESTS * ** Peg only at corr>.9 to 1999 xi: mlogit peg_corr90 imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp_corr90 imp_dmarkarea_gdp_corr90 imp_poundarea_gdp_corr90 imp_dollararea_gdp_corr90 centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1_corr90 nonpeg_spline2_corr90 nonpeg_spline3_corr90 peg_spline1_corr90 peg_spline2_corr90 peg_spline3_corr90 i.year if keycurr==0 & year<1999, base(0) robust * Peg only at corr>.9 after 1999 xi: mlogit pegeuro99_corr90 imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp_corr90 imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_euro asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1_corr90 nonpeg_spline2_corr90 nonpeg_spline3_corr90 peg_spline1_corr90 peg_spline2_corr90 peg_spline3_corr90 i.year if keycurr==0 , base(0) robust ** Imports set to first year after peg ** Peg at corr>.6 to 1999 xi: quietly mlogit peg_corr90 imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp_corr90 imp_dmarkarea_gdp_corr90 imp_poundarea_gdp_corr90 imp_dollararea_gdp_corr90 centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1_corr90 nonpeg_spline2_corr90 nonpeg_spline3_corr90 peg_spline1_corr90 peg_spline2_corr90 peg_spline3_corr90 i.year if keycurr==0 & year<1999, base(0) robust xi: mlogit peg imp_fra_gdp_fixpostpeg imp_deu_gdp_fixpostpeg imp_uk_gdp_fixpostpeg imp_us_gdp_fixpostpeg imp_francarea_gdp_fixpostpeg imp_dmarkarea_gdp_fixpostpeg imp_poundarea_gdp_fixpostpeg imp_dollararea_gdp_fixpostpeg centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1 nonpeg_spline2 nonpeg_spline3 peg_spline1 peg_spline2 peg_spline3 i.year if e(sample), base(0) robust * Table 4 ** Peg at corr>.6 after 1999 xi: mlogit pegeuro99 imp_euro99country_gdp_fixpostpeg imp_us_gdp_fixpostpeg imp_euro99area_gdp_fixpostpeg imp_dollararea_gdp_fixpostpeg centr_bank_independence inflation_peg_dum_20_50 asym_growth_euro asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1 nonpeg_spline2 nonpeg_spline3 peg_spline1 peg_spline2 peg_spline3 i.year if keycurr==0 , base(0) robust ** including general trade openness, capital account openness and reserves * Table 3 ** Peg at corr>.6 to 1999 xi: quietly mlogit peg_corr90 imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp_corr90 imp_dmarkarea_gdp_corr90 imp_poundarea_gdp_corr90 imp_dollararea_gdp_corr90 centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us imp_total_gdp kaopen reservesi lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1_corr90 nonpeg_spline2_corr90 nonpeg_spline3_corr90 peg_spline1_corr90 peg_spline2_corr90 peg_spline3_corr90 i.year if keycurr==0 & year<1999, base(0) robust xi: mlogit peg imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us imp_total_gdp kaopen reservesi lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1 nonpeg_spline2 nonpeg_spline3 peg_spline1 peg_spline2 peg_spline3 i.year if e(sample), base(0) robust * Table 4 ** Peg at corr>.6 after 1999 xi: mlogit pegeuro99 imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_euro asym_growth_us imp_total_gdp kaopen reservesi lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1 nonpeg_spline2 nonpeg_spline3 peg_spline1 peg_spline2 peg_spline3 i.year if keycurr==0 , base(0) robust * Table 5 ** Sureg to 1999 xi: sureg (corrffranc imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us imp_total_gdp kaopen reservesi lngdpd gdppc polity2 polity2_lngdpd i.year) (corrdmark imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us imp_total_gdp kaopen reservesi lngdpd gdppc polity2 polity2_lngdpd i.year) (corrpound imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us imp_total_gdp kaopen reservesi lngdpd gdppc polity2 polity2_lngdpd i.year) (corrdollar imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us imp_total_gdp kaopen reservesi lngdpd gdppc polity2 polity2_lngdpd i.year) if keycurr==0 & year<1999, * Table 6 ** Sureg after 1999 xi: sureg (corrdmark imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_euro asym_growth_us imp_total_gdp kaopen reservesi lngdpd gdppc polity2 polity2_lngdpd i.year) (corrdollar imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_euro asym_growth_us imp_total_gdp kaopen reservesi lngdpd gdppc polity2 polity2_lngdpd i.year) if keycurr==0 & year>=1999, ** Colonial dummy variables for FRA and UK plus other political factors ** Peg at corr>.6 to 1999 xi: quietly mlogit peg_corr90 imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp_corr90 imp_dmarkarea_gdp_corr90 imp_poundarea_gdp_corr90 imp_dollararea_gdp_corr90 centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd unvotinginter_fra unvotinginter_deu unvotinginter_uk unvotinginter_us atopally_fra atopally_deu atopally_uk atopally_us gdppc nonpeg_spline1_corr90 nonpeg_spline2_corr90 nonpeg_spline3_corr90 peg_spline1_corr90 peg_spline2_corr90 peg_spline3_corr90 i.year if keycurr==0 & year<1999, base(0) robust xi: mlogit peg imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd unvotinginter_fra unvotinginter_deu unvotinginter_uk unvotinginter_us atopally_fra atopally_deu atopally_uk atopally_us gdppc nonpeg_spline1 nonpeg_spline2 nonpeg_spline3 peg_spline1 peg_spline2 peg_spline3 i.year if e(sample), base(0) robust * Table 4 ** Peg at corr>.6 after 1999 xi: mlogit pegeuro99 imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_euro asym_growth_us lngdpd polity2 polity2_lngdpd unvotinginter_fra unvotinginter_deu unvotinginter_uk unvotinginter_us atopally_fra atopally_deu atopally_uk atopally_us gdppc nonpeg_spline1 nonpeg_spline2 nonpeg_spline3 peg_spline1 peg_spline2 peg_spline3 i.year if keycurr==0 , base(0) robust * Table 5 ** Sureg to 1999 xi: sureg (corrffranc imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd gdppc polity2 polity2_lngdpd unvotinginter_fra unvotinginter_deu unvotinginter_uk unvotinginter_us atopally_fra atopally_deu atopally_uk atopally_us i.year) (corrdmark imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd gdppc polity2 polity2_lngdpd unvotinginter_fra unvotinginter_deu unvotinginter_uk unvotinginter_us atopally_fra atopally_deu atopally_uk atopally_us i.year) (corrpound imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd gdppc polity2 polity2_lngdpd unvotinginter_fra unvotinginter_deu unvotinginter_uk unvotinginter_us atopally_fra atopally_deu atopally_uk atopally_us i.year) (corrdollar imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd gdppc polity2 polity2_lngdpd unvotinginter_fra unvotinginter_deu unvotinginter_uk unvotinginter_us atopally_fra atopally_deu atopally_uk atopally_us i.year) if keycurr==0 & year<1999, * Table 6 ** Sureg after 1999 xi: sureg (corrdmark imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_euro asym_growth_us lngdpd gdppc polity2 polity2_lngdpd unvotinginter_fra unvotinginter_deu unvotinginter_uk unvotinginter_us atopally_fra atopally_deu atopally_uk atopally_us i.year) (corrdollar imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_euro asym_growth_us lngdpd gdppc polity2 polity2_lngdpd unvotinginter_fra unvotinginter_deu unvotinginter_uk unvotinginter_us atopally_fra atopally_deu atopally_uk atopally_us i.year) if keycurr==0 & year>=1999, ** Regional dummy variables ** Peg at corr>.6 to 1999 xi: quietly mlogit peg_corr90 imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp_corr90 imp_dmarkarea_gdp_corr90 imp_poundarea_gdp_corr90 imp_dollararea_gdp_corr90 centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd reg_eap reg_eca reg_mena reg_sa reg_ssa reg_lac gdppc nonpeg_spline1_corr90 nonpeg_spline2_corr90 nonpeg_spline3_corr90 peg_spline1_corr90 peg_spline2_corr90 peg_spline3_corr90 i.year if keycurr==0 & year<1999, base(0) robust xi: mlogit peg imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd reg_eap reg_eca reg_mena reg_sa reg_ssa reg_lac gdppc nonpeg_spline1 nonpeg_spline2 nonpeg_spline3 peg_spline1 peg_spline2 peg_spline3 i.year if e(sample), base(0) robust * Table 4 ** Peg at corr>.6 after 1999 xi: mlogit pegeuro99 imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_euro asym_growth_us lngdpd polity2 polity2_lngdpd reg_eap reg_eca reg_mena reg_sa reg_ssa reg_lac gdppc nonpeg_spline1 nonpeg_spline2 nonpeg_spline3 peg_spline1 peg_spline2 peg_spline3 i.year if keycurr==0 , base(0) robust * Table 5 ** Sureg to 1999 xi: sureg (corrffranc imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd gdppc polity2 polity2_lngdpd reg_eap reg_eca reg_mena reg_sa reg_ssa reg_lac i.year) (corrdmark imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd gdppc polity2 polity2_lngdpd reg_eap reg_eca reg_mena reg_sa reg_ssa reg_lac i.year) (corrpound imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd gdppc polity2 polity2_lngdpd reg_eap reg_eca reg_mena reg_sa reg_ssa reg_lac i.year) (corrdollar imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd gdppc polity2 polity2_lngdpd reg_eap reg_eca reg_mena reg_sa reg_ssa reg_lac i.year) if keycurr==0 & year<1999, * Table 6 ** Sureg after 1999 xi: sureg (corrdmark imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_euro asym_growth_us lngdpd gdppc polity2 polity2_lngdpd reg_eap reg_eca reg_mena reg_sa reg_ssa reg_lac i.year) (corrdollar imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp imp_dollararea_gdp inflation_peg_dum_20_50 centr_bank_independence asym_growth_euro asym_growth_us lngdpd gdppc polity2 polity2_lngdpd reg_eap reg_eca reg_mena reg_sa reg_ssa reg_lac i.year) if keycurr==0 & year>=1999, ** Adding the lagged dependent variable * Table 3 ** Peg at corr>.6 to 1999 xi: quietly mlogit peg_corr90 imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp_corr90 imp_dmarkarea_gdp_corr90 imp_poundarea_gdp_corr90 imp_dollararea_gdp_corr90 centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1_corr90 nonpeg_spline2_corr90 nonpeg_spline3_corr90 peg_spline1_corr90 peg_spline2_corr90 peg_spline3_corr90 i.year if keycurr==0 & year<1999, base(0) robust xi: mlogit peg lpeg imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1 nonpeg_spline2 nonpeg_spline3 peg_spline1 peg_spline2 peg_spline3 i.year if e(sample), base(0) robust * Table 4 ** Peg at corr>.6 after 1999 xi: mlogit pegeuro99 lpegeuro imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_euro asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1 nonpeg_spline2 nonpeg_spline3 peg_spline1 peg_spline2 peg_spline3 i.year if keycurr==0 , base(0) robust ** DM and Franc together from 1974 onwards xi: quietly mlogit peg_corr90 imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp_corr90 imp_dmarkarea_gdp_corr90 imp_poundarea_gdp_corr90 imp_dollararea_gdp_corr90 centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1_corr90 nonpeg_spline2_corr90 nonpeg_spline3_corr90 peg_spline1_corr90 peg_spline2_corr90 peg_spline3_corr90 i.year if keycurr==0 & year<1999, base(0) robust xi: mlogit pegdmfranc1974on imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1 nonpeg_spline2 nonpeg_spline3 peg_spline1 peg_spline2 peg_spline3 i.year if e(sample), base(0) robust ** Shambaug's peg variable xi: mlogit sham_peg imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd gdppc sham_imp_francarea_gdp sham_imp_dmarkarea_gdp sham_imp_poundarea_gdp sham_imp_dollararea_gdp sham_nonpeg_spline1 sham_nonpeg_spline2 sham_nonpeg_spline3 sham_peg_spline1 sham_peg_spline2 sham_peg_spline3 , base(0) robust ** Reinhard and Rogoff's peg variable xi: mlogit rr_peg imp_fra_gdp imp_deu_gdp imp_uk_gdp imp_us_gdp imp_francarea_gdp imp_dmarkarea_gdp imp_poundarea_gdp imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_fra asym_growth_deu asym_growth_uk asym_growth_us lngdpd polity2 polity2_lngdpd gdppc rr_imp_francarea_gdp rr_imp_dmarkarea_gdp rr_imp_poundarea_gdp rr_imp_dollararea_gdp rr_nonpeg_spline1 rr_nonpeg_spline2 rr_nonpeg_spline3 rr_peg_spline1 rr_peg_spline2 rr_peg_spline3 , base(0) robust ** mprobit instead of mlogit, Note: does not become concave in estimations to 1999 * Table 4 ** Peg at corr>.6 after 1999 xi: mprobit pegeuro99 imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_euro asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1 nonpeg_spline2 nonpeg_spline3 peg_spline1 peg_spline2 peg_spline3 i.year if keycurr==0 , base(0) robust * Peg only at corr>.9 after 1999 xi: mprobit pegeuro99_corr90 imp_euro99country_gdp imp_us_gdp imp_euro99area_gdp_corr90 imp_dollararea_gdp centr_bank_independence inflation_peg_dum_20_50 asym_growth_euro asym_growth_us lngdpd polity2 polity2_lngdpd gdppc nonpeg_spline1_corr90 nonpeg_spline2_corr90 nonpeg_spline3_corr90 peg_spline1_corr90 peg_spline2_corr90 peg_spline3_corr90 i.year if keycurr==0 , base(0) robust