Crises and exchange rate regimes: Times to break down the bipolar view?

We revisit the link between crises and exchange rateregimes (ERR). Using a wide panel of 90 developed and developingcountries over the period 1980-2009, we find that corner ERR are notmore prone to crises compared to intermediate ERR. This findingholds for different types of crises (banking, currency and debt), and isrobust to a wide set of alternative specifications. Consequently, weclearly break down the traditional bipolar view: countries that aim atpreventing crisis episodes should focus less on the choice of the ERR,and instead implement sound structural macroeconomic policies.