Exchange Rate Regimes 20 Years Later: The Prevalence of Floats

De facto exchange rate classifications are a standard tool in international finance. In this paper, we update our (2005) de facto classification through 2022. We find that the US dollar remains as valid as reference currency as it was during the Bretton Woods period. We also show that there has been a steady trend toward floating regimes with 20% more countries floating than 50 years ago. However, when adjusted by GDP, the share of floats has remained very high and stable over time, while fixed regimes have mostly been confined to smaller economies. We also find that discrepancies between de jure and de facto regimes are presently at an all time low.