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Exchange Rates Policy And Productivity
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Book Synopsis Exchange Rates Policy and Productivity by : Ibrahima Amadou Diallo
Download or read book Exchange Rates Policy and Productivity written by Ibrahima Amadou Diallo and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation investigates how the real effective exchange rate (REER) and its associated asurements (REER volatility and REER misalignment) affect total factor productivity growth (TFPG). It also analyzes the channels through which the REER and its associated measurements act on total factor productivity (TFP). The first part studies how the REER itself, on the one hand, and the REER volatility, on the other hand, influence productivity. An analysis of the link between the level of REER and TFP in chapter 1 reveals that an exchange rate appreciation causes an increase of TFP. But this impact is also nonlinear: below the threshold, real exchange rate influences negatively productivity while above the threshold it acts positively. The results of chapter 2 illustrate that REER volatility affects negatively TFPG. We also found that REER volatility acts on TFP according to the level of financial development. For moderately financially developed countries, REER volatility reacts negatively on productivity and has no effect on productivity for very low and very high levels of financial development. The second part examines the channels through which the REER and its associated measurements influence productivity. The results of chapter 3 illustrate that the exchange rate volatility has a strong negative impact on investment. This outcome is robust in low income and middle income countries, and by using an alternative measurement of exchange rate volatility. Chapter 4 show that both real exchange rate misalignment and real exchange rate volatility affect negatively exports. It also demonstrates that real exchange rate volatility is more harmful to exports than misalignment. These outcomes are corroborated by estimations on subsamples of Low- ncome and Middle-Income countries.
Book Synopsis Exchange Rates and Corporate Performance by : Yakov Amihud
Download or read book Exchange Rates and Corporate Performance written by Yakov Amihud and published by Beard Books. This book was released on 2003 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a reprint of a previously published book. It consists of a series of papers by experts in the field on how the exchange rate volatility of the 1980s affected the financial policies of international firms.
Book Synopsis Real Exchange Rate Levels, Productivity and Demand Shocks by : Menzie David Chinn
Download or read book Real Exchange Rate Levels, Productivity and Demand Shocks written by Menzie David Chinn and published by International Monetary Fund. This book was released on 1997-05-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the long-run relationship between the real exchange rate, traded and nontraded productivity levels, and government spending for 14 OECD countries, using recently developed panel cointegration tests. The results indicate that under certain assumptions it is easier to detect cointegration in panel data than in the available time series; moreover, the rate of reversion to long-run equilibrium is estimated with greater precision. Using the model augmented by oil prices, we find that in 1991 (the last year productivity data are available) there is less overvaluation of the U.S. dollar than that implied by a naive version of purchasing power parity.
Book Synopsis Exchange Rate Rules by : John Williamson
Download or read book Exchange Rate Rules written by John Williamson and published by . This book was released on 1981 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Approaches to Exchange Rate Policy by : Mr.Richard C. Bart
Download or read book Approaches to Exchange Rate Policy written by Mr.Richard C. Bart and published by International Monetary Fund. This book was released on 1994-06-01 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: External sector policies and exchange rate policy are central to a country's economic performance and to the IMF's surveillance functions. The papers in this book, edited by Richard Barth and Chorng-Huey Wong, were presented at a seminar on Exchange Rate Policy in Developing and Transition Economies held by the IMF Institute. They analyze choices of exchange rate regimes, issues affecting management of exchange regimes, and specific types of regimes, including case studies from the former Soviet Union, Africa, Asia, and Latin America.
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 Trends in European Productivity and Real Exchange Rates by : Matthew B. Canzoneri
Download or read book Trends in European Productivity and Real Exchange Rates written by Matthew B. Canzoneri and published by . This book was released on 1996 with total page 60 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 Does Productivity Growth Lead to Appreciation of the Real Exchange Rate? by : Man-Keung Tang
Download or read book Does Productivity Growth Lead to Appreciation of the Real Exchange Rate? written by Man-Keung Tang and published by International Monetary Fund. This book was released on 2003-07-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We revisit the time-honored link between productivity and the real exchange rate. Consistent with the traditional view, we find that higher labor productivity tends to lead to appreciation of the real exchange rate. Contrary to the traditional view, however, we find that the positive productivity effect is transmitted through the real exchange rate based on tradable prices, rather than through relative prices between tradables and nontradables. Moreover, higher total factor productivity is found, if anything, to lead to depreciation of the real exchange rate. These last two pieces of evidence provide support for the emerging view that limited tradability of goods and services provides scope for the strategic pricing decision, which has material consequences for the aggregate real exchange rate.
Book Synopsis Fundamental Determinants of Exchange Rates by : Jerome L. Stein
Download or read book Fundamental Determinants of Exchange Rates written by Jerome L. Stein and published by Oxford University Press. This book was released on 1997 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Existing models fail to explain the large fluctuations in the real exchange rates of most currencies over the past twenty years. The Natural Real Exchange Rate approach (NATREX) taken here offers an alternative paradigm to those which focus on short-run movements of nominal eschange rates, purchasing power parity of the representative agent intertemporal optimization models. Yet it is also neo-classical in its stress upon the accepted fundamentals driving a real economy. It concentrates on the real exchange rate, and explains medium- tolong-run movements in equilibrium real exchange rates in terms of fundamental variables: the productivity of capital and social (public plus private) thrift at home and abroad. The NATREX approach is a family of growth models, each tailored to the characteristics of the countries considered. The authors explain the real international value of the US dollar relativ to the G10 countries, and the US current account. These are two large economies. The model is also applied to small economies, where it explains the real value of the Australian dollar and the Latin American currencies relative to the US dollar. The model is relevant for developing countries where the foreign debt is a concern. Finally, it is applied to two medium-sized economies to explain the bilateral exchange rate between the French franc and the Deutsche Mark. The authors demonstrate both the promise of the NATREX model and its applicability to economies large and small. Alongside the analysis, econometrics, and technical details of these case studies, the introductory chapter explains in accessible terms the rationale behind the approach. The mix of theory and empirical evidence makes this book relevant to academics and advanced graduate students, and to central banks, ministries of finance, and those concerned with the foreign debt of developing countries.
Book Synopsis Dollar Exchange Rate Volatility and Productivity Growth in Emerging Markets: Evidence from Firm Level Data by : Kodjovi M. Eklou
Download or read book Dollar Exchange Rate Volatility and Productivity Growth in Emerging Markets: Evidence from Firm Level Data written by Kodjovi M. Eklou and published by International Monetary Fund. This book was released on 2023-05-26 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of Dollar exchange rate volatility on firm productivity in Emerging Markets economies (EMs). Using firm level data covering 16 EMs over the period 1998 -2019, the paper shows that dollar exchange rate volatility reduces firm productivity growth. Exploring channels, its finds that the results are driven by countries with low level of financial development, high dollar invoicing, high bilateral trade with the US, high collective bargaining coverage and open capital account. Exploring the role of policy, it finds that Foreign Exchange Interventions (FXI) dampen this impact on firm productivty. Further, exploiting firm level data, the paper shows that dollar exchange rate volatility operates also through the financial friction channel, reducing contemporaneous investments, especially at firms with low liquidity buffers and weak balance sheet (high leverage). The role of financial frictions is confirmed through the finding that younger firms, more likely to face financial constraints, are also found to be more vulnerable to dollar exchange rate volatility. In addition, we also find evidence of a large and persistent effect on firms with highly irreversible investment, lending support for the real option channel of uncertainty on the dollar exchange rate. These findings are robust to a battery of tests, including controlling for uncertainty, financial crises and using an instrumental variable strategy exploiting US monetary policy shocks as an exogenous source of variation in dollar exchange rate volatility.
Book Synopsis Trade Policy, Exchange Rates and Growth by : Sebastian Edwards
Download or read book Trade Policy, Exchange Rates and Growth written by Sebastian Edwards and published by . This book was released on 1993 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the relationship between trade policy and economic performance. The paper is divided in two fundamental parts. The first one uses a cross country data set to investigate the relationship between trade policy and productivity growth. It is found that countries that are more open to the rest of the world have experienced faster growth in total factor productivity than countries with high trade barriers. In the second part the recent Latin American experiences with trade liberalization reforms are investigated. It is shown that in the last few years the Latin American countries have gone from having one of the most distorted external sectors, to having very low degrees of protectionism. The extent of the liberalization efforts is documented and the effect on productivity and exports is investigated.
Book Synopsis The Role of Exchange Rate Policy and External Competitiveness in the Growth and Adjustment of the Korean Economy by : Changhyo Bae
Download or read book The Role of Exchange Rate Policy and External Competitiveness in the Growth and Adjustment of the Korean Economy written by Changhyo Bae and published by . This book was released on 1996 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Productivity, External Balance and Exchange Rates by : Giancarlo Corsetti
Download or read book Productivity, External Balance and Exchange Rates written by Giancarlo Corsetti and published by . This book was released on 2006 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the international transmission of productivity shocks in a sample of five G7 countries. For each country, using long-run restrictions, we identify shocks that increase permanently domestic labor productivity in manufacturing (our measure of tradables) relative to an aggregate of other industrial countries including the rest of the G7. We find that, consistent with standard theory, these shocks raise relative consumption, deteriorate net exports, and raise the relative price of nontradables --- in full accord with the Harrod-Balassa-Samuelson hypothesis. Moreover, the deterioration of the external account is fairly persistent, especially for the US. The response of the real exchange rate and (our proxy for) the terms of trade differs across countries: while both relative prices depreciate in Italy and the UK (smaller and more open economies), they appreciate in the US and Japan (the largest and least open economies in our sample); results are however inconclusive for Germany. These findings question a common view in the literature, that a country's terms of trade fall when its output grows, thus providing a mechanism to contain differences in national wealth when productivity levels do not converge. They enhance our understanding of important episodes such as the strong real appreciation of the dollar as the US productivity growth accelerated in the second half of the 1990s. They also provide an empirical contribution to the current debate on the adjustment of the US current account position. Contrary to widespread presumptions, productivity growth in the US tradable sector does not necessarily improve the US trade deficit, nor deteriorate the US terms of trade, at least in the short and medium run.
Book Synopsis Terms of Trade, Productivity, and the Real Exchange Rate by : Jose De Gregorio
Download or read book Terms of Trade, Productivity, and the Real Exchange Rate written by Jose De Gregorio and published by . This book was released on 1994 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the effects of terms of trade movements and productivity differentials across sectors on the behavior of the real exchange rate. We develop a simple model of a small open economy producing exportable and nontradable goods and consuming importable and nontradable goods and present empirical evidence for a sample of fourteen OECD countries. The evidence broadly supports the predictions of the model, namely that faster productivity growth in the tradable relative to the nontradable sector and an improvement in the terms of trade induce a real appreciation.
Book Synopsis Evolution and Performance of Exchange Rate Regimes by : Mr. Aasim M. Husain
Download or read book Evolution and Performance of Exchange Rate Regimes written by Mr. Aasim M. Husain and published by International Monetary Fund. This book was released on 2003-12-01 with total page 86 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 Exchange Rate Volatility and Productivity Growth by : Philippe Aghion
Download or read book Exchange Rate Volatility and Productivity Growth written by Philippe Aghion and published by . This book was released on 2006 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper offers empirical evidence that real exchange rate volatility can have a significant impact on long-term rate of productivity growth, but the effect depends critically on a country's level of financial development. For countries with relatively low levels of financial development, exchange rate volatility generally reduces growth, whereas for financially advanced countries, there is no significant effect. Our empirical analysis is based on an 83country data set spanning the years 1960-2000; our results appear robust to time window, alternative measures of financial development and exchange rate volatility, and outliers. We also offer a simple monetary growth model in which real exchange rate uncertainty exacerbates the negative investment effects of domestic credit market constraints. Our approach delivers results that are in striking contrast to the vast existing empirical exchange rate literature, which largely finds the effects of exchange rate volatility on real activity to be relatively small and insignificant.
