Regional Impacts of Exchange Rate Movements PDF Download
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Author: Gerald A. Carlino
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Gerald A. Carlino
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Gerald A. Carlino
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 34
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Author: Camila Casas
Publisher: International Monetary Fund
ISBN: 1484330609
Category : Business & Economics
Languages : en
Pages : 62
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Book Description
Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in local currency. We model instead a ‘dominant currency paradigm’ for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm.
Author: Mr.Tamim Bayoumi
Publisher: International Monetary Fund
ISBN: 9781557756008
Category : Business & Economics
Languages : en
Pages : 74
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The 18 members of the Asia-Pacific Economic Cooperation Council (APEC) encompass not only a wide geographic area but also broad differences in stages of economic development, including among them some of the fastest- growing economies in the world. Such rapid growth has been ficilitated by high levels of investment and trade, international linkages, and, in most APEC economies, macroeconomic policies that have sustained growth while not sparking excessive inflation. This study offers insights about how medium and long-term changes in real exchange rates have affected international (and intra-APEC) trade and investment in the region.
Author: Christopher L. House
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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We exploit differences across U.S. states in terms of their exposure to trade to study the effects of changes in the exchange rate on economic activity at the business cycle frequency. We find that a depreciation in the state-specific trade-weighted real exchange rate is associated with an increase in exports, a decline in unemployment and an increase in hours worked. The effect is particularly strong in periods of economic slack. We develop a multi-region model with inter-state trade and labor flows and calibrate it to match the state-level orientation of exports and the extent of labor migration and trade between states. The model replicates the relationship between exchange rates and unemployment. Counterfactuals show that the high degree of interstate trade plays a dominant role in transmitting shocks across states in the first year, whereas interstate migration shapes cross-sectional patterns in following years. The model suggests that a 25% Chinese import tariff on U.S. goods would be felt throughout the United States, even in states with small direct linkages to China, raising unemployment rates by 0.2 to 0.7 percentage points in the short run.
Author: Stella Kaendera
Publisher: International Monetary Fund
ISBN: 1462389880
Category : Business & Economics
Languages : en
Pages : 25
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This paper studies the evolution of the exchange rates of sub-Saharan African currencies in the context of the global financial crisis. In particular, it analyzes the reasons behind the differences in the magnitude and volatility of the exchange rates among countries. To this end, it takes a sample of seven countries, four members of the East African Community (EAC) (Kenya, Rwanda, Tanzania, and Uganda), and three others, which experienced large exchange rate losses at the onset of the crisis: Ghana, Nigeria, and Zambia. First, it analyzes the movements of the exchange rates with respect to the U.S. dollar and two other major currencies. Second, it tries to link the magnitude of their movements to key factors, relating to the external environment and the countries’ internal policies.
Author: Takatoshi Ito
Publisher: University of Chicago Press
ISBN: 0226386937
Category : Business & Economics
Languages : en
Pages : 466
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Book Description
The exchange rate is a crucial variable linking a nation's domestic economy to the international market. Thus choice of an exchange rate regime is a central component in the economic policy of developing countries and a key factor affecting economic growth. Historically, most developing nations have employed strict exchange rate controls and heavy protection of domestic industry-policies now thought to be at odds with sustainable and desirable rates of economic growth. By contrast, many East Asian nations maintained exchange rate regimes designed to achieve an attractive climate for exports and an "outer-oriented" development strategy. The result has been rapid and consistent economic growth over the past few decades. Changes in Exchange Rates in Rapidly Developing Countries explores the impact of such diverse exchange control regimes in both historical and regional contexts, focusing particular attention on East Asia. This comprehensive, carefully researched volume will surely become a standard reference for scholars and policymakers.
Author: Christopher L. House
Publisher:
ISBN:
Category : Foreign exchange rates
Languages : en
Pages : 40
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Book Description
We exploit differences across U.S. states in terms of their exposure to trade to study the effects of changes in the exchange rate on economic activity at the business cycle frequency. We find that a depreciation in the state-specific trade-weighted real exchange rate is associated with an increase in exports, a decline in unemployment and an increase in hours worked. The effect is particularly strong in periods of economic slack. We develop a multi-region model with inter-state trade and labor flows and calibrate it to match the state-level orientation of exports and the extent of labor migration and trade between states. The model replicates the relationship between exchange rates and unemployment. Counterfactuals show that the high degree of interstate trade plays a dominant role in transmitting shocks across states in the first year, whereas interstate migration shapes cross-sectional patterns in following years. The model suggests that a 25% Chinese import tariff on U.S. goods would be felt throughout the United States, even in states with small direct linkages to China, raising unemployment rates by 0.2 to 0.7 percentage points in the short run.
Author: Takatoshi Ito
Publisher: University of Chicago Press
ISBN: 0226386996
Category : Business & Economics
Languages : en
Pages : 414
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Book Description
This volume explores East Asia's macroeconomic experience in the 1980s and the economic impact of East Asia's growth on the rest of the world. The authors explore the causes of capital flows, changes in trade balances, and exchange rate fluctuations in East Asia and their effects on other countries. These fourteen papers are organized around four themes: the overall determinants of growth and trading relations in the East Asian region; monetary policies in relation to capital controls and capital accounts; the impact of exchange rate behavior on industrial structure; and the potential for greater regional integration. The contributors examine interactions among exchange rate movements, trade balances, and capital flows; how government monetary policy affects capital flows; the effect of exchange rates on industrial structure, inventories, and prices; and the extent of regional integration in East Asia.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498330282
Category : Business & Economics
Languages : en
Pages : 132
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Book Description
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