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Demand For Value Added And Value Added Exchange Rates
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Book Synopsis Demand for Value Added and Value-Added Exchange Rates by : Mr.Rudolfs Bems
Download or read book Demand for Value Added and Value-Added Exchange Rates written by Mr.Rudolfs Bems and published by International Monetary Fund. This book was released on 2015-09-08 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the role of cross-border input linkages in governing how international relative price changes influence demand for domestic value added. We define a novel value-added real effective exchange rate (REER), which aggregates bilateral value-added price changes, and link this REER to demand for value added. Input linkages enable countries to gain competitiveness following depreciations by supply chain partners, and hence counterbalance beggar-thy-neighbor effects. Cross-country differences in input linkages also imply that the elasticity of demand for value added is country specific. Using global input-output data, we demonstrate these conceptual insights are quantitatively important and compute historical value-added REERs.
Book Synopsis Demand for Value Added and Value-added Exchange Rates by : Rudolfs Bems
Download or read book Demand for Value Added and Value-added Exchange Rates written by Rudolfs Bems and published by . This book was released on 2015 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the role of cross-border input linkages in governing how international relative price changes influence demand for domestic value added. We define a novel value-added real effective exchange rate (REER), which aggregates bilateral value-added price changes, and link this REER to demand for value added. Input linkages enable countries to gain competitiveness following depreciations by supply chain partners, and hence counterbalance beggar-thy-neighbor effects. Cross-country differences in input linkages also imply that the elasticity of demand for value added is country specific. Using global input-output data, we demonstrate these conceptual insights are quantitatively important and compute historical value-added REERs.
Book Synopsis Demand for Value Added Ans Value-added Exchange Rates by : Rudolfs Bems
Download or read book Demand for Value Added Ans Value-added Exchange Rates written by Rudolfs Bems and published by . This book was released on 2015 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Value-Added Exchange Rates by : Rudolfs Bems
Download or read book Value-Added Exchange Rates written by Rudolfs Bems and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper updates the conceptual foundations for measuring real effective exchange rates (REERs) to allow for vertical specialization in trade. We derive a value-added REER describing how demand for the value added that a country produces changes as the price of its value added changes relative to competitors. We then compute this index for 42 countries from 1970-2009 using trade measured in value added terms and GDP deflators. There are substantial differences between value-added and conventional REERs. For example, China's value-added REER appreciated by 20 percentage points more than the conventional REER from 2000-2009. These differences are driven mainly by the theory-motivated shift in prices used to construct the value-added REER, not changes in bilateral weights.
Book Synopsis Global Value Chains and the Exchange Rate Elasticity of Exports by : Swarnali Ahmed
Download or read book Global Value Chains and the Exchange Rate Elasticity of Exports written by Swarnali Ahmed and published by International Monetary Fund. This book was released on 2015-11-30 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes how the formation of Global Value Chains (GVCs) has affected the exchange rate elasticity of exports. Using a panel framework covering 46 countries over the period 1996-2012, we first find some suggestive evidence that the elasticity of real manufacturing exports to the Real Effective Exchange Rate (REER) has decreased over time. We then examine whether the formation of supply chains has affected this elasticity using different measures of GVC integration. Intuitively, as countries are more integrated in global production processes, a currency depreciation only improves competitiveness of a fraction of the value of final good exports. In line with this intuition, we find evidence that GVC participation reduces the REER elasticity of manufacturing exports by 22 percent, on average.
Book Synopsis Exchange Rates and Trade by : Mr.Daniel Leigh
Download or read book Exchange Rates and Trade written by Mr.Daniel Leigh and published by International Monetary Fund. This book was released on 2017-03-17 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Calculating Trade in Value Added by : Aqib Aslam
Download or read book Calculating Trade in Value Added written by Aqib Aslam and published by International Monetary Fund. This book was released on 2017-08-07 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper sets out the key concepts necessary to calculate trade in value added using input-output tables. We explain the basic structure of an input-output table and the matrix algebra behind the computation of trade in value added statistics. Specifically, we compute measures of domestic value-added, foreign value added, and forward and backward linkages, as well as measures of both a country’s participation and position in global value chains. We work in detail with an example of a global input-output table for 3 countries each with 4 sectors, provided by the Eora Multi-Region Input-Output (MRIO) database. The aim is to provide an introduction to the analysis of global value chains for use in policy work. An accompanying suite of Matlab codes are provided that can be used with the full set of Eora MRIO tables.
Book Synopsis Measuring Competitiveness in a World of Global Value Chains by : Mr.Tamim Bayoumi
Download or read book Measuring Competitiveness in a World of Global Value Chains written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 2018-11-05 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: All common real effective exchange rate indexes assume trade is only in final goods, despite the growing presence of global supply chains. Extending effective exchange rate indexes to include such intermediate goods can imply radically different effective exchange rate weights, depending on the relative substitutability of goods in final demand and in production. Unfortunately, the effect of these shifts in weights are difficult to identify empirically because the two currencies most affected—the dollar and the renminbi—have moved closely together. As the renminbi becomes more flexible, however, it will be important to determine which assumptions are the most realistic.
Book Synopsis Dollar Invoicing, Global Value Chains, and the Business Cycle Dynamics of International Trade by : Mr. David Cook
Download or read book Dollar Invoicing, Global Value Chains, and the Business Cycle Dynamics of International Trade written by Mr. David Cook and published by International Monetary Fund. This book was released on 2022-02-11 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent literature has highlighted that international trade is mostly priced in a few key vehicle currencies and is increasingly dominated by intermediate goods and global value chains (GVCs). Taking these features into account, this paper reexamines the relationship between monetary policy, exchange rates and international trade flows. Using a dynamic stochastic general equilibrium (DSGE) framework, it finds key differences between the response of final goods and GVC trade to both domestic and foreign shocks depending on the origin and ultimate destination of value added and the intermediate shipments involved. For example, the model shows that in response to a dollar appreciation triggered by a US interest rate increase, direct bilateral trade between non-US countries contracts more than global value chain oriented trade which feeds US final demand, and exports to the US decline much more when measured in gross as opposed to value added terms. We use granular data on GVCs at the sector level to document empirical evidence in favor of these key predictions of the model.
Book Synopsis Effects of Exchange Rate on Value-Added International Trade by : Myoung Shik Choi
Download or read book Effects of Exchange Rate on Value-Added International Trade written by Myoung Shik Choi and published by . This book was released on 2018 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, value-added perspective focuses on the role of exports within a bilateral trading partner in the process of global value chains with vertical specialization, which is one of the various innovations in the world economy. Theoretically, we determine a proper model to connect both the value-added exports (Hummels et al. 1999; Johnson & Noguera 2012; Koopman et al. 2010; Koopman and Wei 2014; UNCTAD 2013) and the changes in value-added exchange rates (Bems & Johnson 2012, 2015; Patel et al. 2014; Yang et al. 2014). Then, based on their relationships, we investigate the value-added effects of exchange rate changes on international trade. Empirically, we adopt the calculating methods of using the value-added trade statistics (TiVA) developed by OECD-WTO. In particular, proper time series econometric models are tested for the United States of America and South Korea. We find that increase in foreign income increases the value-added exports, and increase in domestic income increases the value-added imports, but that currency appreciation decreases the value-added exports in Korea while currency appreciation increases the value-added exports in the US. We would judge that the export competitiveness relies on the currency devaluation in Korea but the domestic industry/economic growth in the US. Also, the value-added exports to gross exports are higher in Korea than the ones in the US as using more the global value chains. This will contribute to mitigate the global imbalances and exchange rate conflicts.
Book Synopsis Global Value Chains and External Adjustment: Do Exchange Rates Still Matter? by : Gustavo Adler
Download or read book Global Value Chains and External Adjustment: Do Exchange Rates Still Matter? written by Gustavo Adler and published by International Monetary Fund. This book was released on 2019-12-27 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper explores how international integration through global value chains shapes the working of exchange rates to induce external adjustment both in the short and medium run. The analysis indicates that greater integration into international value chains reduces the exchange rate elasticity of gross trade volumes. This result holds both in the short and medium term, pointing to the rigidity of value chains. At the same time, greater value chain integration is associated with larger gross trade flows, relative to GDP, which tends to amplify the effect of exchange rate movements. Overall, combining these two results suggests that, for most countries, integration into global value chains does not materially alter the working of exchange rates and the benefits of exchange rate flexibility in facilitating external adjustment remain.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1513520733 Total Pages :228 pages Book Rating :4.5/5 (135 download)
Book Synopsis World Economic Outlook, October 2015 by : International Monetary Fund. Research Dept.
Download or read book World Economic Outlook, October 2015 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2015-10-06 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This issue discusses a number of factors affecting global growth, as well as growth prospects across the world’s main countries and regions. It assesses the ongoing recovery from the global financial crisis in advanced and emerging market economies and evaluates risks, both upside and downside, including those associated with commodity prices, currency fluctuations, and financial market volatility. A special feature examines in detail causes and implications of the recent commodity price downturn; analytical chapters look at the effects of commodity windfalls on potential output and of exchange rate movements on trade.
Book Synopsis Real Exchange Rate and External Balance by : Mr.JaeBin Ahn
Download or read book Real Exchange Rate and External Balance written by Mr.JaeBin Ahn and published by International Monetary Fund. This book was released on 2017-03-30 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contrasts real exchange rate (RER) measures based on different deflators (CPI, GDP deflator, and ULC) and discusses potential implications for the link—or lack thereof—between RER and external balance. We begin by documenting patterns in the evolution of different measures of RERs, and confirm that the choice of deflator plays a significant role in RER movements. A subsequent empirical investigation based on 35 developed and emerging market economies over 1995 to 2014 yields comprehensive and robust evidence that only the RER deflated by ULC exhibits contemporaneous patterns consistent with the expenditure-switching mechanism. We rationalize the empirical findings by introducing a simple model featuring nominal rigidity and trade in intermediate goods as the one in Obstfeld (2001) and Devereux and Engel (2007), which is shown to generate qualitatively identical patterns to empirical findings.
Book Synopsis Intermediate Imports, Flexible Exchange Rates, and Imported Inflation by : Tien-wang Tsaur
Download or read book Intermediate Imports, Flexible Exchange Rates, and Imported Inflation written by Tien-wang Tsaur and published by . This book was released on 1980 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Value Added Tax by : James M. Bickley
Download or read book Value Added Tax written by James M. Bickley and published by Nova Publishers. This book was released on 2003 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: The feasibility of levying a value-added tax (VAT) to reduce large forecast budget deficits seems to never go away. A VAT is imposed at all levels of production on the differences between firms' sales and their purchases from all other firms. A VAT is assumed to be fully shifted forward to consumers; hence, a VAT is a type of general consumption tax. The United States, does not have a broad-based, national level consumption tax and in general, relies less on consumption taxes. This book examines the concepts, issues and experiences of the value-added tax in other countries.
Book Synopsis Spillover Effects of Exchange Rates by : Aaditya Mattoo
Download or read book Spillover Effects of Exchange Rates written by Aaditya Mattoo and published by International Monetary Fund. This book was released on 2012-03-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the impact of China's exchange rate changes on exports of competitor countries in third markets, which we call the "spillover effect". We use recent theory to develop an identification strategy in which competition between China and its developing country competitors in specific products and destinations plays a key role. We exploit the variation - afforded by disaggregated trade data - across exporters, importers, product, and time to estimate this spillover effect. We find robust evidence of a statistically and quantitatively significant spillover effect. Our estimates suggest that a 10 percent appreciation of China's real exchange rate boosts on average a developing country's exports of a typical 4-digit HS product category to third markets by about 1.5-2 percent. The magnitude of the spillover effect varies systematically with product characteristics as implied by theory.
Book Synopsis Uncovering Value Added In Trade: New Approaches To Analyzing Global Value Chains by : Yuqing Xing
Download or read book Uncovering Value Added In Trade: New Approaches To Analyzing Global Value Chains written by Yuqing Xing and published by World Scientific. This book was released on 2015-07-13 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: Value chain trade has challenged economic implications of conventional trade statistics and transformed bilateral trade relationships into multilaterals. Conventional trade statistics exaggerate trade volumes and bilateral trade imbalances. It is imperative to measure trade in value-added and examine trade relations in the context of global value chains. This book is a collection of research papers on new approaches to measure trade in value added and the role of global value chains in modern international trade. It introduces the input output method for measuring trade and a direct approach for measuring the domestic value added of the People's Republic of China — the center of global assembly. In addition, it shows how to analyze trade relations in the context of global value chains.
