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Author: Hans-Jürg Büttler
Publisher:
ISBN:
Category :
Languages : de
Pages : 16
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Book Description
Author: Hans-Jürg Büttler
Publisher:
ISBN:
Category :
Languages : de
Pages : 16
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Book Description
Author: Mr.Plamen K Iossifov
Publisher: International Monetary Fund
ISBN: 1498322824
Category : Political Science
Languages : en
Pages : 38
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Book Description
There is an ongoing debate in the literature on whether global trade flows have become disconnected from the large real effective exchange rate movements in the wake of the global financial crisis. The question has important policy implications for the role of exchange rates in supporting growth and restoring external balance. In this paper, we use Turkey---a large and open emerging market economy that has experienced sizable swings of the real effective exchange rate---as a case study to test competing hypotheses. Our results lend support to the finding in existing cross-country studies that the real effective exchange rate remains an important determinant of trade flows. But, its effect is not symmetric in secular periods of appreciation and depreciation and is, oftentimes, dwarfed by the impact on trade flows of the income growth differential between trade partners.
Author: D. S. Wijesinghe
Publisher:
ISBN:
Category : Balance of trade
Languages : en
Pages : 80
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Book Description
Reviews various indices of effective exchanges rates, highlighting their uses and limitation. Presents the multilateral trade model appropriate to primary commodity exporting countries.
Author: Jerome L. Stein
Publisher: Oxford University Press
ISBN: 9780198293064
Category : Business & Economics
Languages : en
Pages : 276
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Book Description
"This book greatly enhances our understanding of the behavior of real exchange rates. It provides an elegant model based on a solid theoretical foundation that links real exchange rates to their fundamental economic determinants and takes proper account of stock and flow considerations. The authors provide a masterful account of how changes in productivity and thrift affect the real exchange rate, and show that the long-run impact depends crucially on whether the change reflects the former fundamental (investment) or the latter (consumption). The empirical implementation uses state-of-the-art cointegration and error correction methodologies that are eminently well suited to capture the short-run adjustment of the real exchange rate to its medium- to long-run equilibrium value. The empirical results are extremely encouraging, as the economic fundamentals identified by the authors can explain a substantial part of the movement in the real exchange rate of a number of countries."--Peter Clark, International Monetary Fund
Author: Mr.Eswar Prasad
Publisher: International Monetary Fund
ISBN: 145185854X
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
This paper provides some new empirical perspectives on the relationship between international trade and macroeconomic fluctuations in industrial economies. First, a comprehensive set of stylized facts concerning fluctuations in trade variables and their determinants are presented. A measure of the quantitative importance of international trade for the propagation of domestic business cycles is then constructed, focusing on the role of external trade as a catalyst for cyclical recoveries. Finally, structural vector autoregression models are used to characterize the joint dynamics of output, exchange rates, and trade variables in response to different types of macroeconomic shocks.
Author: Mr.Daniel Leigh
Publisher: International Monetary Fund
ISBN: 147558749X
Category : Business & Economics
Languages : en
Pages : 52
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Book Description
We examine the stability and strength of the relationship between exchange rates and trade over time using three alternative approaches, mitigating the endogeneity of the relation. We find that both exchange rate pass-through and the price elasticity of trade volumes are largely stable over time. Economic slack and financial conditions affect the relationship, but there is limited evidence that participation in global value chains has significantly changed the exchange rate–trade relationship over time.
Author: Ms.Isabelle Mejean
Publisher: International Monetary Fund
ISBN: 1455218960
Category : Business & Economics
Languages : en
Pages : 31
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Book Description
A reduction in the U.S. current account deficit vis-à-vis emerging Asia involves a shift in demand from U.S. to emerging Asia tradable goods and a change in international relative prices. This paper quantifies the required adjustment in the terms of trade and real exchange rates in a three-country open economy model of the U.S., China, and other emerging Asia. We compare scenarios where both Chinese and other emerging Asian export prices change by the same proportion to the case where export prices remain constant in one country and increase in the other. Our results are robust to different assumptions about elasticities of substitution and to introducing a high degree of vertical fragmentation in production in the model.
Author: Peter B. Kenen
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 58
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Book Description
Author: Alicia García Herrero
Publisher:
ISBN:
Category : Balance of trade
Languages : en
Pages : 36
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Author: Mr.Jaewoo Lee
Publisher: International Monetary Fund
ISBN: 1589066383
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
The rapid increase in international trade and financial integration over the past decade and the growing importance of emerging markets in world trade and GDP have inspired the IMF to place stronger emphasis on multilateral surveillance, macro-financial linkages, and the implications of globalization. The IMF's Consultative Group on Exchange Rate Issues (CGER)--formed in the mid-1990s to provide exchange rate assessments for a number of advanced economies from a multilateral perspective--has therefore broadened its mandate to cover both key advanced economies and major emerging market economies. This Occasional Paper summarizes the methodologies that underpin the expanded analysis.
