AbstractIn most countries, immigrant and native students perform differently in the Programme for International Student Assessment (PISA) due to two main reasons: different immigration regimes and differences in their home-country educational systems. While there is sophisticated literature on the reasons for these performance gaps, it is barely considered in the educational efficiency research. Our approach distinguishes between selection effects caused by immigration policies, and the efficiency of educational systems in integrating immigrant students, given their socio–economic background. Accordingly, we split our sample, which consists of 153,374 students in 20 countries, calculate various different efficient frontiers, and ultimately decompose and interpret the resulting efficiency values. We find large differences in educational system efficiency, when controlling for negative selection effects caused by immigration regimes.

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This publication identifies de facto exchange rate regimes. The study takes into account multiple specifications for the exchange rate regimes, both effective and non-effective. The regimes are classified by means of a three-dimensional clustering approach, that takes the exchange rate volatility, the volatility of exchange rate changes and the volatility of reserves into account. The regimes are classified as floating, dirty floating, crawling peg or fixed. The analysis comprises 90 countries and a span of 35 years. JEL classifications: E42 Keywords: de facto exchange rate regimes, clustering techniques, effective exchange rates

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