We analyze how different currency regimes influence the price efficiency of exchange rates. Based on an analysis of a sample of 20 exchange rates (covering 39 countries) over a 15-year period using MF-DFA (Multifractal Detrended Fluctuation Analysis), we find that currencies of countries following a Free Float regime show greater price efficiency than currencies of countries following a Managed Float regime. We also examined the impact of the financial crisis of 2008–09 on the price efficiency of these currencies. Our results suggest that currencies following the Free Float exchange regime experienced significantly greater deterioration in their price efficiency than currencies under Managed Float regimes. Even more interestingly, the efficiency of the currencies of the Free Float countries have not fully recovered even a decade after the crisis.

我们分析了不同的货币制度如何影响汇率的价格效率。基于使用 MF-DFA（多重分形去趋势波动分析）对 15 年期间 20 种汇率（覆盖 39 个国家）的样本进行分析，我们发现遵循自由浮动制度的国家的货币显示出比货币更高的价格效率遵循管理浮动制度的国家/地区。我们还研究了 2008-09 年金融危机对这些货币价格效率的影响。我们的结果表明，与管理浮动汇率制度下的货币相比，遵循自由浮动汇率制度的货币的价格效率下降幅度更大。更有趣的是，即使在危机发生十年后，自由浮动国家的货币效率也没有完全恢复。