Sugli effetti salariali e distributivi delle crisi dei regimi di cambio

The present paper investigates 28 episodes of transition from a fixed to a relatively more flexible exchange rate regime, taking place together with a depreciation of the national currency by more than 25% with respect to the US dollar, in the time period between 1980 and 2013. On average, the exchange regime crises examined emerge as being positively correlated to reductions in real wages and wage shares. However, any assessment of the relations between exchange regimes and distributive dynamics should proceed by comparing the possible implications of a regime shift to the effects of keeping the current one.