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Author : Johnny Åkerholm
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.3/5 ( download)
Download or read book External Adjustment in Small Open Economies written by Johnny Åkerholm and published by . This book was released on 1988 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Arjuna Wickramachchi Mohottala
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (144 download)
Download or read book Economic Adjustment in Small Open Economies to External Shocks Arising from the Carry Trade, Trade Liberalisation and Remittance Flows written by Arjuna Wickramachchi Mohottala and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years the vulnerability of both advanced and emerging small open economies to external shocks has attracted significant attention. Among these types of shocks, three shocks emanating from sudden movements of exchange rates, financial flows such as workers' remittances and trade liberalisation are identified to be of particular importance. This thesis is composed of three independent essays that investigate the macroeconomic impacts on small open economies from these three shocks spanning two geographic locations.First, Chapter 2, explores the macroeconomic effects of the unwinding of the carry trade using the example of the JPY/AUD carry trade and the Australia's macroeconomy. A nonlinear threshold VAR model was used to capture the asymmetric effects of normal sized and large shocks to capturing the unwinding of the carry trade. The results show that in a high pressure regime where it is likely for the carry trade to unwind, a fall in Australia's relative interest rate, combined with a reduction in commodity prices lead the economy to favourably respond to a fall in commodity prices, boosting Australia's production. This result confirms that the carry trade collapse and subsequent stimulus to exports was beneficial to Australia's growth when international financial markets were at their most stressed.Chapter 3 presents evidence on whether two regional trade agreements (RTAs) in South Asia, the South Asian Preferential Trading Arrangement (SAPTA) and the South Asian Free Trade Area (SAFTA) have bolstered intra-regional exports. The results suggest that the two RTAs have not had a significant impact on the region as a whole. SAPTA has not had any significant effect on intra-regional exports except for Bhutan which experienced a reduction in of export growth to the region. SAFTA has failed to have any significant impact on any of the partner countries. In contrast, the results show a different picture for country specific bilateral export growth. Almost all countries have had mixed fortunes in their bilateral export growth in adopting the two RTAs. Notwithstanding, post-2006, intra-regional exports have significantly benefitted from openness to trade and a reduction in overall tariff levels of South Asian partner countries.Chapter 4 investigates whether the steady inflow of workers' remittances to South Asia have resulted in an appreciation in the respective country's real effective exchange rate (REER), working through data since 1980. In addition, the research examines the factors contributing to the remittance flows into South Asia. The results show that income differentials have played a key role in the country-specific determinants of remittance flows. While mixed reactions to the real interest rate differentials were observed across the South Asian countries, an appreciation of the nominal exchange rates has continued to attract remittance flows to India, the Maldives and Pakistan.
Author : Maurice Obstfeld
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (318 download)
Download or read book External Adjustment written by Maurice Obstfeld and published by . This book was released on 2004 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the current account balance increasingly inadequate as a summary of the change in a country's net foreign assets. Nonetheless, unusually large current account imbalances, especially deficits, should remain high on policymakers' list of concerns, even for the richer and less credit-constrained countries. Extreme imbalances signal the need for large and perhaps abrupt real exchange rate changes in the future, changes that might have undesired political and financial consequences given the incompleteness of domestic and international asset markets. Furthermore, of the two sources of the change in net foreign assets -- the current account and the capital gain on the net foreign asset position -- the former is better understood and more amenable to policy influence. Systematic government attempts to manipulate international asset values in order to change the net foreign asset position could have a destabilizing effect on market expectations"--NBER website
Author : Philippe D Karam
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (318 download)
Download or read book A Small Structural Monetary Policy Model for Small Open Economies with Debt Accumulation written by Philippe D Karam and published by International Monetary Fund. This book was released on 2008-03 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: We extend a small New Keynesian structural model used for monetary policy analysis to address a richer class of policy issues that arise in open economy analysis. We draw a distinction between absorption and domestic output, and as the difference between the two is effectively the current account, there is now an explicit accumulation or decumulation of foreign liabilities in response to various shocks affecting the system. Such stock equilibria can now have an impact back on to the flows in the domestic economy. We perform simulations using parameters calibrated to the Canadian economy and compare the differences in impulse responses from the original model. Advantages in a forecasting environment owing to the ability to impose explicit projections about imports and exports are also exposed.
Author : Abdelhak Semlali Senhadji
Publisher :
ISBN 13 :
Total Pages : 418 pages
Book Rating : 4.:/5 (187 download)
Download or read book Adjustment of a Small Open Economy to External Shocks written by Abdelhak Semlali Senhadji and published by . This book was released on 1994 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Camila Casas
Publisher : International Monetary Fund
ISBN 13 : 1484330609
Total Pages : 62 pages
Book Rating : 4.4/5 (843 download)
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.
Author : P.J. Conway
Publisher : Elsevier
ISBN 13 : 1483299481
Total Pages : 236 pages
Book Rating : 4.4/5 (832 download)
Download or read book Economic Shocks and Structural Adjustments: Turkey after 1973 written by P.J. Conway and published by Elsevier. This book was released on 2014-11-28 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent international economic events have demonstrated the vulnerability of individual countries to external disturbances, or `shocks'. Such disturbances necessitate major adjustments to developing countries' trade behaviour, and therefore also to their domestic economies.This volume is an integrated theoretical and econometric study of the impact of global economic changes on the developing Turkish economy during the period 1970-1983. Structural adjustment is defined and presented in the context of a small open economy reacting to external shocks. The interaction of government and private sector is incorporated explicitly in an intertemporal model through examination of dynamic game equilibria, and the implications of this interaction for the effectiveness of stabilization and liberalization policies are explored. This theoretical structure provides the structure for macroeconomic estimation. The estimated model then is employed for an econometric decomposition of Turkish historical economic experience into portions due to various external shocks and government policy changes.The theoretical section demonstrates the necessity of consideration of government/private interactions when measuring and evaluating structural adjustment policies. The econometric results confirm the importance of such analysis for Turkey, and provide evidence of the impact of various government policies on aggregate consumption, investment, inflation and current account deficits.This book will be of use to both international and development economists as a systematic and insightful examination of structural adjustment in Turkey, as well as a template for similar analyses for other open economies.
Author : Warren D. McClam
Publisher :
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.F/5 ( download)
Download or read book Adjustment Performance of Open Economies written by Warren D. McClam and published by . This book was released on 1983 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Willem H. Buiter
Publisher : Oxford University Press, USA
ISBN 13 :
Total Pages : 380 pages
Book Rating : 4.:/5 (321 download)
Download or read book International Macroeconomics written by Willem H. Buiter and published by Oxford University Press, USA. This book was released on 1990 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume brings together 12 essays on macroeconomic policy in the open economy. The subject matter is divided equally between analyses of the internal and external adjustment problems of small open economies and studies of the behaviour of large interdependent countries.
Author : Sebastian Rodolfo Sosa Ravello
Publisher :
ISBN 13 :
Total Pages : 288 pages
Book Rating : 4.:/5 (122 download)
Download or read book External Shocks and Macroeconomic Adjustment in a Small Open Economy written by Sebastian Rodolfo Sosa Ravello and published by . This book was released on 2006 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Finally, Chapter 3 empirically studies the fundamental forces underlying real exchange rate dynamics in Uruguay between 1974 and 2004. The results show that the evolution of international capital flows has been the main determinant of Uruguay's real exchange rate behavior, and that Argentina's aggregate expenditure and real exchange rate have also played an important role.
Author : Stephanie Schmitt-Grohe
Publisher :
ISBN 13 :
Total Pages : 21 pages
Book Rating : 4.:/5 (967 download)
Download or read book Adjustment to Small, Large, and Sunspot Shocks in Open Economies with Stock Collateral Constraints written by Stephanie Schmitt-Grohe and published by . This book was released on 2016 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper characterizes analytically the adjustment of an open economy with a stock collateral constraint to fundamental and nonfundamental shocks. In the model, external borrowing is limited by the value of physical capital. Three results are established: (1) Adjustment to external shocks is nonlinear. In response to small negative output shocks, the economy adjusts as prescribed by the intertemporal approach to the current account, with increases in debt, deficits in the trade and current account balances, and no significant movement in the price of collateral. By contrast, in response to large negative output shocks the economy experiences a sudden stop with debt deleveraging, trade and current account reversals, and a Fisherian deflation of asset prices. (2) Generically, weak fundamentals (low output and high external debt) give rise to multiple equilibria. (3) In this case, the economy is prone to self-fulfilling sudden stops driven by downward revisions of expectations about the value of collateral.
Author : Arie Arnon
Publisher : Springer Science & Business Media
ISBN 13 : 9781402071621
Total Pages : 364 pages
Book Rating : 4.0/5 (716 download)
Download or read book The Open Economy Macromodel: Past, Present and Future written by Arie Arnon and published by Springer Science & Business Media. This book was released on 2002-09-30 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Open Economy Macromodel: Past, Present And Future has two main objectives. The first is to assess the state of play of the Open Economy Macromodel by bringing together those who developed it with those who apply it today. The second is to assess possible directions for its future development. The volume is divided into three parts. Part one focuses on the models, men, and institutions involved in the development of the international macroeconomic model. In this section, the contributors examine the two monetary approaches to the balance of payments, as well as the relationship between long-term fluctuations in real exchange rates and inflation. Part two deals with the present state of the models by looking at Robert Mundell's theory of optimum currency areas (OCAs) and its relationship with key currencies. The chapters in this section also consider the impact of exchange rate variability on labor markets, as well as the interactions between theoretical developments and real-world behavior in the open economy macromodel. The third and last part of this volume provides a perspective on the future by looking at alternate models and institutional perspectives. Several contributors examine the relationship between asset prices, the real exchange rate, and unemployment in a small economy via what they call "a medium-run structuralist perspective". The future of institutional structures necessary to conduct international economic policy is the subject of the last chapters in part three of the volume.
Author : Martín Uribe
Publisher : Princeton University Press
ISBN 13 : 0691158770
Total Pages : 646 pages
Book Rating : 4.6/5 (911 download)
Download or read book Open Economy Macroeconomics written by Martín Uribe and published by Princeton University Press. This book was released on 2017-04-04 with total page 646 pages. Available in PDF, EPUB and Kindle. Book excerpt: A cutting-edge graduate-level textbook on the macroeconomics of international trade Combining theoretical models and data in ways unimaginable just a few years ago, open economy macroeconomics has experienced enormous growth over the past several decades. This rigorous and self-contained textbook brings graduate students, scholars, and policymakers to the research frontier and provides the tools and context necessary for new research and policy proposals. Martín Uribe and Stephanie Schmitt-Grohé factor in the discipline's latest developments, including major theoretical advances in incorporating financial and nominal frictions into microfounded dynamic models of the open economy, the availability of macro- and microdata for emerging and developed countries, and a revolution in the tools available to simulate and estimate dynamic stochastic models. The authors begin with a canonical general equilibrium model of an open economy and then build levels of complexity through the coverage of important topics such as international business-cycle analysis, financial frictions as drivers and transmitters of business cycles and global crises, sovereign default, pecuniary externalities, involuntary unemployment, optimal macroprudential policy, and the role of nominal rigidities in shaping optimal exchange-rate policy. Based on courses taught at several universities, Open Economy Macroeconomics is an essential resource for students, researchers, and practitioners. Detailed exploration of international business-cycle analysis Coverage of financial frictions as drivers and transmitters of business cycles and global crises Extensive investigation of nominal rigidities and their role in shaping optimal exchange-rate policy Other topics include fixed exchange-rate regimes, involuntary unemployment, optimal macroprudential policy, and sovereign default and debt sustainability Chapters include exercises and replication codes
Author : Juan Carlos Aquino
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)
Download or read book The Valuation Channel of External Adjustment in Small Open Economies written by Juan Carlos Aquino and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Leslie Lipschitz
Publisher : Cambridge University Press
ISBN 13 : 1108568467
Total Pages : 312 pages
Book Rating : 4.1/5 (85 download)
Download or read book Macroeconomics for Professionals written by Leslie Lipschitz and published by Cambridge University Press. This book was released on 2019-01-23 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding macroeconomic developments and policies in the twenty-first century is daunting: policy-makers face the combined challenges of supporting economic activity and employment, keeping inflation low and risks of financial crises at bay, and navigating the ever-tighter linkages of globalization. Many professionals face demands to evaluate the implications of developments and policies for their business, financial, or public policy decisions. Macroeconomics for Professionals provides a concise, rigorous, yet intuitive framework for assessing a country's macroeconomic outlook and policies. Drawing on years of experience at the International Monetary Fund, Leslie Lipschitz and Susan Schadler have created an operating manual for professional applied economists and all those required to evaluate economic analysis.
Author : George S. Alogoskoufis
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.X/5 (1 download)
Download or read book Competitiveness, Wage Adjustment and Macroeconomic Policy in a Small Open Economy written by George S. Alogoskoufis and published by . This book was released on 1987 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : George Alogoskoufis
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (13 download)
Download or read book Money, Growth and External Balance in a Small Open Economy written by George Alogoskoufis and published by . This book was released on 2013 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper puts forward an intertemporal model of a small open economy to analyze the effects of money, government debt and real shocks on growth, inflation and external balance. The model is an endogenous growth, overlapping generations model, with money in the utility function, convex adjustment costs for investment, and perfect substitutability between domestic and foreign bonds. It is shown that the growth rate depends only on the world real interest rate, the productivity of domestic capital, the adjustment cost parameter for investment and the depreciation rate. It does not depend on money, budgetary policies or the preferences of domestic consumers. Consumption of goods and services and external balance, in addition to the world real interest rate and the domestic productivity of capital, depend on money, budgetary policies and the preferences of domestic consumers. The model is used to analyze the full effects of real and monetary shocks. Monetary growth is not superneutral in this model, as it affects domestic consumption and the net foreign position of the economy.
