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Essays On Real Exchange Rate Volatility And Openness In International Trade
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Book Synopsis Essays on Real Exchange Rate Volatility and Openness in International Trade by : Abelardo Salazar Neaves
Download or read book Essays on Real Exchange Rate Volatility and Openness in International Trade written by Abelardo Salazar Neaves and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This work comprises five chapters that explore in detail issues related to real exchange rate volatility and trade openness. In the case of real exchange rate volatility, we start with the decomposition of this measure to determine the relative contribution of traded and nontraded goods to the variance of the real exchange rate. We obtain evidence in favour of a relevant role for non-traded goods. Our estimation of the real exchange rate volatility is included in the second chapter. Our results, based on a cross-section regression, show that the existing link of openness to real exchange rate volatility is weaker when we control for imposed and natural trade barriers. At the same time we are able to obtain a relationship between inflation volatility and the variation of the real exchange rate. Chapters three and four are related to our real exchange rate volatility model. We decide to obtain a specication for openness that could help us explore in detail the idea of country characteristics aecting trade flows. Our rst approach considers a cross-section estimation to identify the factors that consistently aect trade openness. The second approach considers a more dynamic specication. We are able to establish a link between country characteristics and trade openness. At the same time our results capture interesting changes in the eects of the dependent variables on openness across time. The final chapter takes us back to the analysis of real exchange rate volatility. In this case, we explore which measure is the most appropriate amongst those calculated from series in levels and the ones in first dierences. We conclude that series that do not show less stationary behaviour require longer time series (more observations) in order to display results that close to the reference value.
Book Synopsis Real Exchange Rate Volatility and Economic Openness by : Harald Hau
Download or read book Real Exchange Rate Volatility and Economic Openness written by Harald Hau and published by . This book was released on 2000 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on International Economics by : Roman David Merga
Download or read book Essays on International Economics written by Roman David Merga and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This dissertation consists of three independent chapters on International Economics. The first two chapters focus on how and why uncertainty affects international trade. The last chapter focuses on how reductions in trade barriers affect wage inequality. In the first chapter, I show that higher domestic volatility discourages exporters' investments in foreign market access, explaining the lack of involvement in international trade by developing economies. At the cross-country level, I find that country TFP volatility explains 40% of the relationship between trade and GDP per capita. Using Colombian micro-level data, I document that exporters with higher domestic sales volatility export less. New exporters expand relatively less over their life cycle in industries with higher domestic sales volatility. This dampening of the firm-level export expansion path is amplified in products with more variable markups. Motivated by these novel firm-level findings, I develop an international trade model with new exporter dynamics and variable markups that can account for the novel facts at the firm and the cross-country levels. These findings suggest that trade frictions calculated using static trade models reflect the interactions of domestic volatility and exporters' investment decisions to grow into foreign markets. Indeed my quantitative findings show that the volatility differences across countries are equivalent to a 30% higher trade cost in developing economies. These volatility differences account for 40% of the differential trade cost estimated by standard models of international trade. In the second chapter, I use a new time-varying measure of real exchange rate uncertainty (RERU) and find a negative relationship between RERU and international trade at the aggregate level. A one standard deviation increase in RERU is associated with a 5% drop in total trade over GDP. Using Colombian firm-level data, I document three firm-level facts consistent with the existence of a precautionary motive in international trade. When RERU increases, exporters: 1) reduce their export intensity, 2) are more likely to stop exporting, and 3) are less likely to start exporting to new markets. Additionally, I document that this behavior is mostly explained by exporters paying higher interest rates and facing higher shipping lags. These micro-level findings explain the cross-country results and contrast with the predictions from standard sunk cost models used in international trade. I show that incorporating firm-level debt default and international shipping lags into these standard models is enough to reconcile these models with the novel facts. In the new model, an increase in the RERU increases the probability of an exporter ending up in a financially vulnerable situation. To hedge against this risk, exporters respond by increasing markups or quitting the export market, generating a drop in aggregate exports through both the intensive and extensive trade margins. Quantitatively, the extended model predicts that a one standard deviation increase in RERU generates a drop in total exports of around 6%, consistent with the aggregate findings. In the third chapter, we use detailed employer-employee data from Spain that goes from 1987 to 2004 to understand how international trade affects the wage distribution across workers. Using a new instrumental variable approach to disentangle trade openness's effects on the distribution of income and wages, we document that an increase in local trade exposure reduces wage inequality. Furthermore, we show that this result is associated with changes at the within-industry and within-firm levels. At the within-industry level, we show that trade openness reallocates workers towards small firms and low-skilled jobs. While at the within-firm level, we find that small firms increase their labor intensity and employment, while larger firms reduce both in response to changes in trade openness. These changes are consistent with an increase in the relative demand for low-wage and low-skill workers"--Pages ix-xi.
Book Synopsis Does Higher Openness Cause More Real Exchange Rate Volatility? by : César Calderón
Download or read book Does Higher Openness Cause More Real Exchange Rate Volatility? written by César Calderón and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: "The "New Open Economy Macroeconomics" argues that: (a) non-monetary factors have gained importance in explaining exchange rate volatility, and (b) trade and financial openness may have a potential role of mitigating and/or amplifying real and nominal shocks to real exchange rates. The goal of the present paper is to examine the ability of trade and financial openness to exacerbate or mitigate real exchange rate volatility. The authors collected information on the real effective exchange rate, its fundamentals, and (outcome and policy measures of) trade and financial openness for a sample of industrial and developing countries for the period 1975-2005. Using instrumental variables techniques, the analysis finds that: (a) High real exchange rate volatility is the result of highly volatile productivity shocks, and sharp oscillations in monetary and fiscal policy shocks. (b) Countries more integrated with international markets of goods and services tend to display more stable real exchange rate fluctuations. (c) Financial openness seems to amplify the fluctuations in real exchange rates. (d) The composition of trade and capital flows plays a role in explaining the smoothing properties of trade and financial openness. Although the former is mainly driven by manufacturing trade, the latter depends on the share of debt (and equity) in total foreign liabilities. (e) Financial openness would attenuate (magnify) real exchange rate volatility, the greater the share of equity (debt) in foreign liabilities. (f) The composition of flows also matters for explaining the smoothing properties of trade and financial openness in periods of currency crisis."--World Bank web site.
Book Synopsis Essays in exchange rate volatility and international trade, exchange rate volatility and stock returns for the United States and Turkey, and political corruption by : Fuat Sekmen
Download or read book Essays in exchange rate volatility and international trade, exchange rate volatility and stock returns for the United States and Turkey, and political corruption written by Fuat Sekmen and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Exchange Rate Volatility and International Trade, Exchange Rate Volatility and Stock Returns for the U.S. and Turkey, and Political Corruption by : Fuat Sekman
Download or read book Essays on Exchange Rate Volatility and International Trade, Exchange Rate Volatility and Stock Returns for the U.S. and Turkey, and Political Corruption written by Fuat Sekman and published by . This book was released on 2004 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Commodity Prices and Markets by : Takatoshi Ito
Download or read book Commodity Prices and Markets written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2011-03 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects. This book advances our understanding of the consequences of these fluctuations, providing both general analysis and a particular focus on the countries of the Pacific Rim.
Book Synopsis Challenges to Globalization by : Robert E. Baldwin
Download or read book Challenges to Globalization written by Robert E. Baldwin and published by University of Chicago Press. This book was released on 2007-11-01 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: People passionately disagree about the nature of the globalization process. The failure of both the 1999 and 2003 World Trade Organization's (WTO) ministerial conferences in Seattle and Cancun, respectively, have highlighted the tensions among official, international organizations like the WTO, the International Monetary Fund (IMF), the World Bank, nongovernmental and private sector organizations, and some developing country governments. These tensions are commonly attributed to longstanding disagreements over such issues as labor rights, environmental standards, and tariff-cutting rules. In addition, developing countries are increasingly resentful of the burdens of adjustment placed on them that they argue are not matched by commensurate commitments from developed countries. Challenges to Globalization evaluates the arguments of pro-globalists and anti-globalists regarding issues such as globalization's relationship to democracy, its impact on the environment and on labor markets including the brain drain, sweat shop labor, wage levels, and changes in production processes, and the associated expansion of trade and its effects on prices. Baldwin, Winters, and the contributors to this volume look at multinational firms, foreign investment, and mergers and acquisitions and present surprising findings that often run counter to the claim that multinational firms primarily seek countries with low wage labor. The book closes with papers on financial opening and on the relationship between international economic policies and national economic growth rates.
Book Synopsis Foundations of International Macroeconomics by : Maurice Obstfeld
Download or read book Foundations of International Macroeconomics written by Maurice Obstfeld and published by MIT Press. This book was released on 1996-09-12 with total page 830 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foundations of International Macroeconomics is an innovative text that offers the first integrative modern treatment of the core issues in open economy macroeconomics and finance. With its clear and accessible style, it is suitable for first-year graduate macroeconomics courses as well as graduate courses in international macroeconomics and finance. Each chapter incorporates an extensive and eclectic array of empirical evidence. For the beginning student, these examples provide motivation and aid in understanding the practical value of the economic models developed. For advanced researchers, they highlight key insights and conundrums in the field. Topic coverage includes intertemporal consumption and investment theory, government spending and budget deficits, finance theory and asset pricing, the implications of (and problems inherent in) international capital market integration, growth, inflation and seignorage, policy credibility, real and nominal exchange rate determination, and many interesting special topics such as speculative attacks, target exchange rate zones, and parallels between immigration and capital mobility. Most main results are derived both for the small country and world economy cases. The first seven chapters cover models of the real economy, while the final three chapters incorporate the economy's monetary side, including an innovative approach to bridging the usual chasm between real and monetary models.
Book Synopsis Exchange Rate Volatility, Trade, and Capital Flows Under Alternative Exchange Rate Regimes by : Piet Sercu
Download or read book Exchange Rate Volatility, Trade, and Capital Flows Under Alternative Exchange Rate Regimes written by Piet Sercu and published by Cambridge University Press. This book was released on 2000-06-19 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sercu and Uppal examine volatility of exchange rates in the context of dynamic general equilibrium models.
Book Synopsis International Financial Integration by : Mr.Gian Milesi-Ferretti
Download or read book International Financial Integration written by Mr.Gian Milesi-Ferretti and published by International Monetary Fund. This book was released on 2003-04-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on foreign assets and liabilities, relating them to "market" returns.
Book Synopsis Essays on Real Exchange Rates and Exchange Rate Arrangements by : Natalia Golotvina
Download or read book Essays on Real Exchange Rates and Exchange Rate Arrangements written by Natalia Golotvina and published by . This book was released on 2004 with total page 256 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 The Exchange Rate, International Trade and the Balance of Payments by : Reserve Bank of Australia. Economic Group
Download or read book The Exchange Rate, International Trade and the Balance of Payments written by Reserve Bank of Australia. Economic Group and published by . This book was released on 1993 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fear of Appreciation by : Eduardo Levy-Yeyati
Download or read book Fear of Appreciation written by Eduardo Levy-Yeyati and published by World Bank Publications. This book was released on 2007 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: In recent years the term "fear of floating" has been used to describe exchange rate regimes that, while officially flexible, in practice intervene heavily to avoid sudden or large depreciations. However, the data reveals that in most cases (and increasingly so in the 2000s) intervention has been aimed at limiting appreciations rather than depreciations, often motivated by the neo-mercantilist view of a depreciated real exchange rate as protection for domestic industries. As a first step to address the broader question of whether this view delivers on its promise, the authors examine whether this "fear of appreciation" has a positive impact on growth performance in developing economies. The authors show that depreciated exchange rates appear to induce higher growth, but that the effect, rather than through import substitution or export booms as argued by the mercantilist view, works largely through the deepening of domestic savings and capital accumulation.
Book Synopsis The Effectiveness of Central-bank Intervention by : Hali J. Edison
Download or read book The Effectiveness of Central-bank Intervention written by Hali J. Edison and published by . This book was released on 1993 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in International Finance and Macroeconomics by : Eiji Fujii
Download or read book Essays in International Finance and Macroeconomics written by Eiji Fujii and published by . This book was released on 1999 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Each of the three essays composing this dissertation investigates important economic and econometric issues in international finance and macroeconomics. The first essay, “Market Structure and the Persistence of Sectoral Deviations from Purchasing Power Parity,” examines the relationship between market structure and the persistence of the dollar-based sectoral real exchange rates for fourteen OECD countries. The empirical results based on disaggregated data suggest that differences in market structure significantly determine the rates at which deviations from sectoral purchasing power parity decay. Based on the findings, I argue that an imperfectly competitive market structure is an important source of the well-documented persistence in real exchange rates.
