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Anticipated Real Exchange Rate Changes And The Dynamics Of Investment
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Book Synopsis Anticipated Real Exchange-rate Changes and the Dynamics of Investment by : Luis Serven
Download or read book Anticipated Real Exchange-rate Changes and the Dynamics of Investment written by Luis Serven and published by World Bank Publications. This book was released on 1990 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unanticipated changes in the real exchange rate affect investment through their impact on the desired capital stock, whose direction depends on a number of factors and is in general ambiguous. In contrast, anticipated changes can also have an important effect on the optimal timing of investment, in a direction that depends on the financial openness of the economy and on the important content of capital goods. This issue is explored using a simple macroeconomic model.
Book Synopsis The Effects of Real Exchange Rate Volatility on Sectoral Investment by : Bahar Erdal
Download or read book The Effects of Real Exchange Rate Volatility on Sectoral Investment written by Bahar Erdal and published by Routledge. This book was released on 2017-05-18 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1997. This study investigates what the effects of real exchange rate volatility are on sectorial investment in the fixed and flexible exchange rate systems. It lays out the results of research into the effects of the levels and volatility of real exchange rates on investment in the manufacturing sectors of the countries in the European Monetary System as well as of the countries in the flexible exchange rate system, with data from between 1973 and 1993. Examining the differences between the two systems in the results this book also looks at exchange rate effects on interest rates at the time.
Book Synopsis Real Exchange Rates, Economic Complexity, and Investment by : Steve Brito
Download or read book Real Exchange Rates, Economic Complexity, and Investment written by Steve Brito and published by International Monetary Fund. This book was released on 2018-05-10 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that the response of firm-level investment to real exchange rate movements varies depending on the production structure of the economy. Firms in advanced economies and in emerging Asia increase investment when the domestic currency weakens, in line with the traditional Mundell-Fleming model. However, in other emerging market and developing economies, as well as some advanced economies with a low degree of structural economic complexity, corporate investment increases when the domestic currency strengthens. This result is consistent with Diaz Alejandro (1963)—in economies where capital goods are mostly imported, a stronger real exchange rate reduces investment costs for domestic firms.
Book Synopsis Corporate Investment and the Real Exchange Rate by : Mai Chi Dao
Download or read book Corporate Investment and the Real Exchange Rate written by Mai Chi Dao and published by International Monetary Fund. This book was released on 2017-08-04 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relationship between real exchange rate depreciations and indicators of firm performance using data for a sample of more than 30,000 firms from 66 (advanced and emerging market) countries over the 2000-2011 period. We show that depreciations boost profits, investment, and sales of firms that are more financially-constrained and have higher labor shares. These findings are consistent with the view that depreciations boost internal financing opportunities by reducing real wages, thereby spurring investment. We show that these effects on firm performance are enduring, including in the market valuation of firms.
Book Synopsis Capital Flows, Exchange Rate Flexibility, and the Real Exchange Rate by : Mr.Tidiane Kinda
Download or read book Capital Flows, Exchange Rate Flexibility, and the Real Exchange Rate written by Mr.Tidiane Kinda and published by International Monetary Fund. This book was released on 2011-01-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the impact of capital inflows and exchange rate flexibility on the real exchange rate in developing countries based on panel cointegration techniques. The results show that public and private flows are associated with a real exchange rate appreciation. Among private flows, portfolio investment has the highest appreciation effect-almost seven times that of foreign direct investment or bank loans-and private transfers have the lowest effect. Using a de facto measure of exchange rate flexibility, we find that a more flexible exchange rate helps to dampen appreciation of the real exchange rate stemming from capital inflows.
Book Synopsis Exchange Rate Determination Puzzle by : Falkmar Butgereit
Download or read book Exchange Rate Determination Puzzle written by Falkmar Butgereit and published by Diplomica Verlag. This book was released on 2010 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Still after more than thirty years of free floating exchange rates, large parts of exchange rate dynamics remain a puzzle. As this book shows, much progress has been made in explaining exchange rate movements over longer horizons. It also shows, however, that short-run movements are far more challenging to explain. The book is based upon a variety of papers, many of them released recently. A key aspiration of the literature has always been not only to explain past exchange rate behavior but also to forecast out of sample and to compare it to the simple random walk outcome. Here some development has been made after Meese and Rogoff's (1983) truculent verdict of the performance of common exchange rate models. By means of empirical analysis and descriptive statistics this book further supports the established long-run relationships between exchange rates and fundamentals such as expected productivity growth, real GDP growth, domestic investment, interest rates, inflation, government spending, and current account balances. It finds that these fundamentals affect the exchange rate to varying degrees over time. Turning to short-term exchange rate dynamics, it turns out that a different set of forces is at play. The key to explaining short-run movements is to be found in an extensive micro-foundation that factors in a pronounced heterogeneity among market participants and information asymmetries, as well as the possibility of sudden shifts in sentiment, beliefs, and the degree of risk aversion. Promising results have been obtained by order-flow analysis and high frequency data. Also, the consideration of chartism and speculators facilitates understanding for otherwise puzzling exchange rate movements. The last attempt to tackle the understanding of exchange rate behavior is the use of frequency domain analysis and in particular spectral analysis which tries to track down any cyclical patterns in the various moments of time series. And as we shall see forex indeed incorpor
Book Synopsis Investment, Pass-through and Exchange Rates by : José Campa
Download or read book Investment, Pass-through and Exchange Rates written by José Campa and published by . This book was released on 1996 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Mobility by : Leonardo Leiderman
Download or read book Capital Mobility written by Leonardo Leiderman and published by Cambridge University Press. This book was released on 1994-07-14 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume examines capital mobility in both industrialised and developing countries.
Book Synopsis On Monetary Causes of Real Exchange Rate Changes by : Reinhard W. Fürstenberg
Download or read book On Monetary Causes of Real Exchange Rate Changes written by Reinhard W. Fürstenberg and published by Coronet Books. This book was released on 1985 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Evolution and Performance of Exchange Rate Regimes by : Mr.Kenneth Rogoff
Download or read book Evolution and Performance of Exchange Rate Regimes written by Mr.Kenneth Rogoff and published by International Monetary Fund. This book was released on 2003-12-01 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.
Book Synopsis Inflation Targeting and Exchange Rate Management In Less Developed Countries by : Mr. Marco Airaudo
Download or read book Inflation Targeting and Exchange Rate Management In Less Developed Countries written by Mr. Marco Airaudo and published by International Monetary Fund. This book was released on 2016-03-08 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
Book Synopsis Measuring Real Exchange Rate Instablity in Developing Countires by :
Download or read book Measuring Real Exchange Rate Instablity in Developing Countires written by and published by World Bank Publications. This book was released on with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Role of Private Financial Wealth in a Portfolio Model by : A. Calderon-Madrid
Download or read book The Role of Private Financial Wealth in a Portfolio Model written by A. Calderon-Madrid and published by Springer. This book was released on 1995-10-06 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book considers the implications for the dynamics of the exchange rate and private financial wealth. In a model in which fiscal imbalances are allowed to change the level of domestic public indebtedness. The analysis raises the possibility of an initial appreciation followed by a depreciation and a final exchange rate appreciation. It also highlights the importance that adjustments in the stock of privately-held financial assets have for the determination and speed of medium-run effects of shocks to the economy.
Book Synopsis Capital Goods Imports by : Luis Serven
Download or read book Capital Goods Imports written by Luis Serven and published by World Bank Publications. This book was released on 1994 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Economics by : Ronald MacDonald
Download or read book Exchange Rate Economics written by Ronald MacDonald and published by Routledge. This book was released on 2005 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: ''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""
Book Synopsis Investment in Emerging Markets We Are Not in Kansas Anymore...Or Are We? by : Mr.Nicolas E. Magud
Download or read book Investment in Emerging Markets We Are Not in Kansas Anymore...Or Are We? written by Mr.Nicolas E. Magud and published by International Monetary Fund. This book was released on 2015-04-03 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We document that (i) although private investment growth in emerging markets has decelerated in recent years, it came down from cyclical highs and remains close to pre-crisis trends; and (ii) investment-to-output ratios generally remain close to or above historical averages. We show that investment is positively related to expect future profitability, cash flows and debt flows, and negatively associated with leverage. Critically, it is also positively related to (country-specific) commodity export prices and capital inflows. Lower commodity export prices and expected profitability, a moderation in capital inflows, and increased leverage account for the bulk of the recent investment deceleration.
Book Synopsis Striving for Growth After Adjustment by : Luis Serven
Download or read book Striving for Growth After Adjustment written by Luis Serven and published by World Bank Publications. This book was released on 1993 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the results of about three years of work finished in early 1992 in the area of private investment and macroeconomic adjustment. Its purpose is to explore the macroeconomic determinants of investment and the causes and cures for the gap between maroeconomic adjustment and stabilization and the resumption of economic growth in developing countries, a gap that even today - 10 years after the debt crisis and the subsequent adjustment of the eighties - remains wide. This volume highlights the central role of capital formation (public and private) in the restoration of sustainable growth.
