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Mr. Ali J Al-Sadiq and Ms. Inci Ötker

Greater Flexibility Through More Flexible Pegged Regimes Appendices I. Commodity Terms-of-Trade Index II. Data Descriptions and Sources for the Choice of Exchange Rate Regimes III. Sample of Countries that Switched Exchange Rate Regimes; 2013–2017 References 1 The authors are grateful for guidance and suggestions from Aasim Husain and Alejandro Werner. Input and contributions from Marcos Chamon, Thomas Dowling, Oscar Hendrick, Marie Kim, and Lulu Shui at the initial stages of this project, and helpful comments from Marco Arena, Hussein Bidawi

Mr. Ali J Al-Sadiq and Ms. Inci Ötker

(such as inflation targeting) could eventually replace the exchange rate as a nominal anchor. But establishing these foundations takes time and require extensive capacity-building, suggesting to start with those elements that help overcome the fear of floating and that take longer time to build. Appendix I: Commodity Terms-of-Trade Index For each country, the change in the commodity ToT index (CTT) corresponds to the weighted sum of annual variations in global prices of commodities, weighted by the country’s net exports of each commodity as a share of GDP