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Exchange Rates And Trade Balance Adjustment In Emerging Market Economies
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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 Exchange Rates and Trade Balance Adjustment in Emerging Market Economies by : Internationaler Währungsfonds
Download or read book Exchange Rates and Trade Balance Adjustment in Emerging Market Economies written by Internationaler Währungsfonds and published by . This book was released on 2006 with total page 0 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 Exchange-Rate Policies For Emerging Market Economies by : Richard J Sweeney
Download or read book Exchange-Rate Policies For Emerging Market Economies written by Richard J Sweeney and published by Routledge. This book was released on 2019-03-13 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the loss of Soviet control in Central and Eastern Europe, as well as the move toward economic liberalization in many developing countries, a huge increase in the number of convertible currencies in the world has occurred. A key aspect of the management of these currencies involves their relationships with the world economy, which is determined
Book Synopsis Real Effective Exchange Rate and Trade Balance Adjustment: The Case of Turkey by : Mr.Plamen K Iossifov
Download or read book Real Effective Exchange Rate and Trade Balance Adjustment: The Case of Turkey written by Mr.Plamen K Iossifov and published by International Monetary Fund. This book was released on 2019-06-28 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is an ongoing debate in the literature on whether global trade flows have become disconnected from the large real effective exchange rate movements in the wake of the global financial crisis. The question has important policy implications for the role of exchange rates in supporting growth and restoring external balance. In this paper, we use Turkey---a large and open emerging market economy that has experienced sizable swings of the real effective exchange rate---as a case study to test competing hypotheses. Our results lend support to the finding in existing cross-country studies that the real effective exchange rate remains an important determinant of trade flows. But, its effect is not symmetric in secular periods of appreciation and depreciation and is, oftentimes, dwarfed by the impact on trade flows of the income growth differential between trade partners.
Book Synopsis Exchange Rate Assessments by : Mr.Jaewoo Lee
Download or read book Exchange Rate Assessments written by Mr.Jaewoo Lee and published by International Monetary Fund. This book was released on 2008-04-07 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rapid increase in international trade and financial integration over the past decade and the growing importance of emerging markets in world trade and GDP have inspired the IMF to place stronger emphasis on multilateral surveillance, macro-financial linkages, and the implications of globalization. The IMF's Consultative Group on Exchange Rate Issues (CGER)--formed in the mid-1990s to provide exchange rate assessments for a number of advanced economies from a multilateral perspective--has therefore broadened its mandate to cover both key advanced economies and major emerging market economies. This Occasional Paper summarizes the methodologies that underpin the expanded analysis.
Book Synopsis Dominant Currencies and External Adjustment by : Gustavo Adler
Download or read book Dominant Currencies and External Adjustment written by Gustavo Adler and published by International Monetary Fund. This book was released on 2020-07-20 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The extensive use of the US dollar when firms set prices for international trade (dubbed dominant currency pricing) and in their funding (dominant currency financing) has come to the forefront of policy debate, raising questions about how exchange rates work and the benefits of exchange rate flexibility. This Staff Discussion Note documents these features of international trade and finance and explores their implications for how exchange rates can help external rebalancing and buffer macroeconomic shocks.
Book Synopsis Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia by : Ms.Isabelle Mejean
Download or read book Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia written by Ms.Isabelle Mejean and published by International Monetary Fund. This book was released on 2011-03-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: A reduction in the U.S. current account deficit vis-à-vis emerging Asia involves a shift in demand from U.S. to emerging Asia tradable goods and a change in international relative prices. This paper quantifies the required adjustment in the terms of trade and real exchange rates in a three-country open economy model of the U.S., China, and other emerging Asia. We compare scenarios where both Chinese and other emerging Asian export prices change by the same proportion to the case where export prices remain constant in one country and increase in the other. Our results are robust to different assumptions about elasticities of substitution and to introducing a high degree of vertical fragmentation in production in the model.
Book Synopsis Real Exchange Rate Appreciation in Emerging Markets by : Marialuz Moreno Badia
Download or read book Real Exchange Rate Appreciation in Emerging Markets written by Marialuz Moreno Badia and published by International Monetary Fund. This book was released on 2014-01-10 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: A number of emerging markets have experienced substantial real exchange rate appreciation in recent years, generating concerns about competitiveness and prompting policymakers to respond with a combination of mitigating policies. This paper shows that fiscal policy can play a role in alleviating these pressures. Using a sample of 28 emerging market economies over 1983-2011, we estimate a dynamic model of the real exchange rate and find that a permanent fiscal adjustment may reduce appreciation pressures over the long term. Furthermore, the composition of public spending matters, with reductions in current spending playing a key role. To illustrate the importance of these findings, the paper focuses on the case of Brazil. Our results suggest that maintaining fiscal discipline while increasing public investment in Brazil is likely to ease real appreciation pressures, highlighting the importance of tackling long-standing budget rigidities.
Book Synopsis Economic Adjustment and Exchange Rates in Developing Countries by : Sebastian Edwards
Download or read book Economic Adjustment and Exchange Rates in Developing Countries written by Sebastian Edwards and published by University of Chicago Press. This book was released on 2007-12-01 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: In spite of the attention paid exchange rates in recent economic debates on developing countries, relatively few studies have systematically analyzed in detail the various ramifications of exchange rate policy in these countries. In this new volume from the National Bureau of Economic Research, leading economists use rigorous models to tackle various exchange rate issues, while also illuminating policy implications that emerge from their analyses. The volume, divided into four main sections, addresses: the role of exchange rates in stabilization programs and the adjustment process; the importance of exchange rate policy during liberalization reform in developing countries; exchange rate problems relevant and unique to developing countries, illustrated by case studies; and the problems defining, measuring, and identifying determinants of real exchange rates. Authors of individual papers examine the relation between commercial policies and exchange rates, the role of exchange rate policy in stabilization programs, the effectiveness of devaluations as a policy tool, and the interaction between exchange rate terms of trade an capital flow. This research will not only prove crucial to our understanding of the role of exchange rates in developing countries, but will clearly set the standard for future work in the field.
Book Synopsis Exchange Rate Arrangements for Emerging Market Economies by : Felipe Larraín B.
Download or read book Exchange Rate Arrangements for Emerging Market Economies written by Felipe Larraín B. and published by . This book was released on 1999 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reviews some empirical evidence on the recent performance of alternative exchange rate arrangements in emerging markets. Examines the concrete circumstances under which either polar regime should be adopted. Studies how to make flexibility work in practice, with special attention to inflation targets and alternativie monetary policy rules. Focuses on the possible role of capital controls as a complementary policy.
Book Synopsis Two Targets, Two Instruments by : Mr.Jonathan David Ostry
Download or read book Two Targets, Two Instruments written by Mr.Jonathan David Ostry and published by International Monetary Fund. This book was released on 2012-02-29 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Book Synopsis Exchange Rates and Monetary Policy in Emerging Market Economies by : Michael B. Devereux
Download or read book Exchange Rates and Monetary Policy in Emerging Market Economies written by Michael B. Devereux and published by . This book was released on 2001 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Terms-of-Trade Cycles and External Adjustment by : Gustavo Adler
Download or read book Terms-of-Trade Cycles and External Adjustment written by Gustavo Adler and published by International Monetary Fund. This book was released on 2017-03-03 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the process of external adjustment to large terms-of-trade level shifts—identified with a Markov-switching approach—for a large set of countries during the period 1960–2015. We find that adjustment to these shocks is relatively fast. Current accounts experience, on average, a contemporaneous variation of only about 1⁄2 of the magnitude of the price shock—indicating a significant volume offset—and a full adjustment within 3–4 years. Dynamics are largely symmetric for terms-of-trade booms and busts, as well as for advanced and emerging market economies. External adjustment is driven primarily by offsetting shifts in domestic demand, as opposed to variations in output (also reflected in the response of import rather than export volumes), indicating a strong income channel at play. Exchange rate flexibility appears to have played an important buffering role during booms, but less so during busts; while international reserve holdings have been a key tool for smoothing the adjustment process.
Book Synopsis Friedman Redux by : Mr.Atish R. Ghosh
Download or read book Friedman Redux written by Mr.Atish R. Ghosh and published by International Monetary Fund. This book was released on 2014-08-08 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Milton Friedman argued that flexible exchange rates would facilitate external adjustment. Recent studies find surprisingly little robust evidence that they do. We argue that this is because they use composite (or aggregate) exchange rate regime classifications, which often mask very heterogeneous bilateral relationships between countries. Constructing a novel dataset of bilateral exchange rate regimes that differentiates by the degree of exchange rate flexibility, as well as by direct and indirect exchange rate relationships, for 181 countries over 1980–2011, we find a significant and empirically robust relationship between exchange rate flexibility and the speed of external adjustment. Our results are supported by several “natural experiments” of exogenous changes in bilateral exchange rate regimes.
Book Synopsis Exchange Rate Regimes for Emerging Markets by : John Williamson
Download or read book Exchange Rate Regimes for Emerging Markets written by John Williamson and published by Peterson Institute. This book was released on 2000 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the aftermath of the Asian/global financial crises of 1997-98, how should emerging markets now structure their exchange rate systems to prevent new crises from occurring? This study challenges current orthodoxy by advocating the revival of intermediate exchange rate regimes. In so doing, Williamson presents a reasoned challenge to the new prevailing attitude which claims that all countries involved in the international capital markets need to polarize to one of the extreme regimes (to a fixed rate with either a currency board or dollarization, or to a lightly-managed float). He concludes that although there is some truth in the allegation that intermediate regimes are vulnerable to speculative crises, they still offer offsetting advantages. He also contends that it would be possible to redesign them to be more flexible so as to reduce their vulnerability to crises.
Book Synopsis Trade, the Balance of Payments and Exchange Rate Policy in Developing Countries by : A. P. Thirlwall
Download or read book Trade, the Balance of Payments and Exchange Rate Policy in Developing Countries written by A. P. Thirlwall and published by Edward Elgar Publishing. This book was released on 2003 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a synthesis of the author's ideas and research concerning the monetary consequences of trade flows, and the relevance of conventional balance of payments adjustment theory. These ideas are considered mainly in the context of developing countries, many of which suffer from deep structural difficulties and severe foreign exchange shortages. Mainstream economic theory regards the balance of payments to be self-adjusting, meaning that the impact of the balance of payments on the growth and development process is neither considered nor analysed. In contrast, the author emphasises the importance of integrating monetary considerations into trade theory and argues that the balance of payments consequences of trade policy need to be carefully addressed. This approach has a number of implications for important issues such as the sequencing of trade liberalisation; the role of the exchange rate in equilibrating the balance of payments; the case for protection; and the way in which the importance of export growth is articulated. Some of the ideas expressed have a long and distinguished ancestry, but they are not part of the mainstream orthodoxy and need airing in a world increasingly divided into rich and poor countries. The author also considers the case for a new international economic order which would better serve the needs of developing countries, particularly by stabilising primary product prices and controlling speculative capital flows. Trade and development economists, and policymakers concerned with economic growth and development, will appreciate the original and illuminating research in this book.
Author :Mr.Charalambos G. Tsangarides Publisher :International Monetary Fund ISBN 13 :1455209422 Total Pages :28 pages Book Rating :4.4/5 (552 download)
Book Synopsis Crisis and Recovery by : Mr.Charalambos G. Tsangarides
Download or read book Crisis and Recovery written by Mr.Charalambos G. Tsangarides and published by International Monetary Fund. This book was released on 2010-10-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role of the exchange rate regime in explaining how emerging market economies fared in the recent global financial crisis, particularly in terms of output losses and growth resilience. After controlling for regime switches during the crisis, using alternative definitions for pegs, and taking account of other likely determinants, we find that the growth performance for pegs was not different from that of floats during the crisis. For the recovery period 2010-11, pegs appear to be faring worse, with growth recovering more slowly than floats. These results suggest an asymmetric effect of the regime during and recovering from the crisis. We also find that proxies of the trade and financial channels are important determinants of growth performance during the crisis, while only the trade channel appears important for the recovery thus far.
