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Effects Of Exchange Rate Changes In Developing Countries
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Book Synopsis Changes in Exchange Rates in Rapidly Developing Countries by : Takatoshi Ito
Download or read book Changes in Exchange Rates in Rapidly Developing Countries written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2007-12-01 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Effects of Exchange Rate Fluctuationson Output and Prices by : Ida Aghdas Mirzaie
Download or read book The Effects of Exchange Rate Fluctuationson Output and Prices written by Ida Aghdas Mirzaie and published by International Monetary Fund. This book was released on 2003-10-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the effects of exchange rate fluctuations on real output and the price level in a sample of 33 developing countries. The theoretical model decomposes movements in the exchange rate into anticipated and unanticipated components. Unanticipated currency fluctuations help to determine aggregate demand through exports, imports, and the demand for domestic currency, and aggregate supply through the cost of imported intermediate goods. Anticipated exchange rate depreciation, through the supply channel, has limited effects on output growth and inflation. Unanticipated currency fluctuations appear more significant, with varying effects on output growth and price inflation across developing countries.
Book Synopsis The Impact of Exchange Rate Changes Between Key Currencies on the Debt Structure and Debt Service Burden of Developing Countries by : Helmut W. Mayer
Download or read book The Impact of Exchange Rate Changes Between Key Currencies on the Debt Structure and Debt Service Burden of Developing Countries written by Helmut W. Mayer and published by . This book was released on 1987 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Richard N. Cooper Publisher :Princeton, N.J. : International Finance Section, Princeton University ISBN 13 : Total Pages :48 pages Book Rating :4.4/5 (91 download)
Book Synopsis Currency Devaluation in Developing Countries by : Richard N. Cooper
Download or read book Currency Devaluation in Developing Countries written by Richard N. Cooper and published by Princeton, N.J. : International Finance Section, Princeton University. This book was released on 1971 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stabilization Policies in Developing Countries with a Parallel Market for Foreign Exchange by : Pierre-Richard Agénor
Download or read book Stabilization Policies in Developing Countries with a Parallel Market for Foreign Exchange written by Pierre-Richard Agénor and published by International Monetary Fund. This book was released on 1990-03-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper develops and tests a model of a developing economy that incorporates trade and capital restrictions, illegal transactions, a parallel foreign exchange market, currency substitution features, and forward-looking rational expectations. Temporary expansionary demand policies are associated with an increase in output and prices, a fall in the stock of net foreign assets, and a depreciation of the parallel exchange rate. The speed of adjustment is inversely related to the degree of rationing in the official foreign currency market. A once-for–all devaluation of the official exchange rate has no long-term effect on the premium.
Book Synopsis Parallel Exchange Rates in Developing Countries by : Miguel A. Kiguel
Download or read book Parallel Exchange Rates in Developing Countries written by Miguel A. Kiguel and published by Springer. This book was released on 2016-07-27 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: '...the most definitive study of the subject, assembling an all-star cast to address the many outstanding questions and succeeding beyond expectations in combining elegant theory and state of the art econometrics to reach very sensible policy conclusions.' - Mohsin S. Khan, Deputy Director, Research Department, International Monetary Fund ' This book fills an important vacuum in the literature of the economic consequences of parallel markets and should prove of great value to students of economic development and to policy-makers in developing countries as they struggle to reform their exchange rate and trade incentive systems. Here they will find all that they need to know.' - Vittorio Corbo, Professor of Economics, Universidad Catolica de Chile 'A most comprehensive treatment of the relationships between parallel foreign exchange markets and macroeconomic policies, both across countries and over time. The book substantially enhances our understanding of how these systems work in practice and will be of great interest to policy-makers, researchers and graduate students of economic policy.' - Samuel M. Wangwe, Professor of Economics, University of Dar es Salaam and Executive Director, Economic and Social Research Foundation, Dar es Salaam, Tanzania This book examines extensive empirical evidence on the macroeconomic implications of parallel exchange rates in developing countries. Eight case-studies from Africa, Latin America, and Turkey provide detailed evidence on the emergence of parallel exchange rates, their impact on macroeconomic performance, and the criteria for successful exchange-rate unification. A chapter on European dual exchange rates summarizes the contrasting experience of industrial countries. An overview chapter lays out the analytical framework, assesses the evidence, and draws policy conclusions.
Book Synopsis The effect of exchange rates on economic growth in Ethiopia by : Muluken Nigussie Tessema
Download or read book The effect of exchange rates on economic growth in Ethiopia written by Muluken Nigussie Tessema and published by GRIN Verlag. This book was released on 2020-04-08 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2016 in the subject Business economics - General, grade: 3.68, Saint Mary's University, language: English, abstract: This study attempts to investigate the effect of exchange rates on economic growth in Ethiopia using annual time series data spanning from 1985/86 to 2014/15. The explanatory variables in this study were real effective exchange rate, government final consumption expenditure, gross fixed capital formation, broad money supply and trade openness. The multilateral real exchange rates is used to measure real exchange rates. Results from Vector Error Correction Model revealed that real effective exchange rates, broad money supply and trade openness have a positive long run effect on economic growth, while government final consumption have a negative long run effect on the economic growth of Ethiopia. From the regression results, it was noted that undervaluation of the currency is contractionary in the long run and neutral in the short- run. As such, the effect of exchange rates on economic growth works through the supply channel. It is the reflection of various economic and policy shocks, mainly a strategy shifts, of the government. Based on the findings of this study, the researcher recommended that since the Ethiopian output is dominated by primary agricultural products and it is insensitive for the change in exchange rate. Government intervention is needed to balance the adverse effect of exchange rate movements until the economy well transformed from agricultural lead economy to industrial lead economy and becomes less dependent on imported raw materials.
Book Synopsis The Asymmetric Effects of Exchange Rate Fluctuations by : Ms.Magda E. Kandil
Download or read book The Asymmetric Effects of Exchange Rate Fluctuations written by Ms.Magda E. Kandil and published by INTERNATIONAL MONETARY FUND. This book was released on 2000-11-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the asymmetric effects of exchange rate fluctuations on real output and price in developing countries. The theoretical model decomposes movements in the exchange rate into anticipated and unanticipated components. Unanticipated currency fluctuations determine aggregate demand through exports, imports, and the demand for domestic currency, and determine aggregate supply through the cost of imported intermediate goods. The evidence indicates that the supply channel leads to output contraction and price inflation in the face of unanticipated currency depreciation. In contrast, the reduction in net exports determines output contraction without reducing price inflation in the face of unanticipated currency appreciation.
Book Synopsis Exchange Rate Misalignment in Developing Countries by : Sebastian Edwards
Download or read book Exchange Rate Misalignment in Developing Countries written by Sebastian Edwards and published by Johns Hopkins University Press. This book was released on 1988 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The role of macroeconomic policies is then analyzed under three alternative nominal exchange rate regimes: predetermined nominal exchange rates; floating nominal rates; and dual or black market nominal exchange rates. This discussion points out how inconsistent macroeconomic policies often lead to real exchange rate misalignment. Corrective measures, including nominal devaluation and several alternative approaches, are then evaluated.
Book Synopsis Adjustment, Investment, and the Real Exchange Rate in Developing Countries by :
Download or read book Adjustment, Investment, and the Real Exchange Rate in Developing Countries written by and published by World Bank Publications. This book was released on with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: LDC adjustment packages Riccardo Faini and Jaime de Melo Developing countries have been hit by a fall in their terms of trade, high real interest rates on their external debt, and a drought in commercial lending from abroad. Their subsequent adjustment packages, often supported by loans from the IMF and World Bank, focused on a sharp real exchange rate depreciation to restore external balance and a host of microeconomic reforms to secure a simultaneous supply-side improvement. This paper examines the success of these ‘adjustment with growth' packages in a large sample of developing countries. We find these packages have been much more successful in LDCs which export manufactures than they have in those concentrating on primary exports (primarily low-income African countries); the latter have not resumed sustainable growth, and most of their external adjustment has arisen from expenditure reduction, not an increase in supply. The longer-term prospects for manufacturing exporters are also brighter: there we detect signs of increased efficiency and a smaller decline in investment than in primary exporters. But we also find that a high external debt burden and an unstable macroeconomic environment impede investment in all LDCs. In the longer term, adjustment with growth packages will succeed only if they are accompanied by a more stable macroeconomic environment and appropriate debt relief
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 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 Exchange Rates and Trade Balance Adjustment in Emerging Market Economies by : International Monetary Fund. Legal Dept.
Download or read book Exchange Rates and Trade Balance Adjustment in Emerging Market Economies written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2006-10-10 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper finds that simple econometric specifications yield surprising rich and complex dynamics -- relative prices respond to the nominal exchange rate and pass-through effects, import and export volumes respond to relative price changes, and the trade balance responds to changes in import and export values.
Book Synopsis The Impact of Capital and Foreign Exchange Flowson the Competitiveness of Developing Countries by : Mr.Bassem Kamar
Download or read book The Impact of Capital and Foreign Exchange Flowson the Competitiveness of Developing Countries written by Mr.Bassem Kamar and published by International Monetary Fund. This book was released on 2010-07-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Attracting capital and foreign exchange flows is crucial for developing countries. Yet, these flows could lead to real exchange rate appreciation and may thus have detrimental effects on competitiveness, jeopardizing exports and growth. This paper investigates this dilemma by comparing the impact of six types of capital and foreign exchange flows on real exchange rate behavior in a sample of 57 developing countries covering Africa, Europe, Asia, Latin America, and the Middle East. The results reveal that portfolio investments, foreign borrowing, aid, and income lead to real exchange rate appreciation, while remittances have disparate effects across regions. Foreign direct investments have no effect on the real exchange rate, contributing to resolve the above dilemma.
Book Synopsis Exchange Rate Crises in Developing Countries by : Michael G. Hall
Download or read book Exchange Rate Crises in Developing Countries written by Michael G. Hall and published by Routledge. This book was released on 2018-01-18 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to many economists, the increasing mobility of capital across borders has made it more costly to peg exchange rates. This phenomenon has contributed to some of the more famous examples of exchange rate crises in recent times, such as the Mexican peso crisis in 1994 and the Asian financial crisis in 1997. Yet despite the increasing costs of pegging in today's accelerated financial markets, some developing countries try to maintain a peg for as long as they can. This work is the first to theorize the role of bankers as a domestic interest group involved in exchange rate policy. It adds to our understanding of how interest groups affect economic policy in developing countries and explains why some of the largest and fastest growing economies in the developing world were the most prone to crisis. The volume also refines our understanding of the 'hollowing-out thesis', the argument that increasing capital mobility is forcing states to abandon pegging.
Book Synopsis Dominant Currency Paradigm: A New Model for Small Open Economies by : Camila Casas
Download or read book Dominant Currency Paradigm: A New Model for Small Open Economies written by Camila Casas and published by International Monetary Fund. This book was released on 2017-11-22 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Impact of Exchange Rate Changes Between Key Currencies on the Debt Structure and Debt Service Burden of Developing Countries by : Mayer
Download or read book The Impact of Exchange Rate Changes Between Key Currencies on the Debt Structure and Debt Service Burden of Developing Countries written by Mayer and published by . This book was released on 1984 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
