Exchange rate regimes and price efficiency: Empirical examination of the impact of financial crisis

•Currencies under Free Float regime show greater price efficiency than Managed Float regimes.•Currencies following the Free Float exchange regime experienced significantly greater deterioration in their price efficiency after the subprime crisis.•The efficiency of the currencies of the Free Float countries did not fully recover even a decade after the financial crisis.•The analysis is based on a sample that includes all major economies in the world over a 15-year period.