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Impact Of Exchange Rate Changes On Export Competitiveness And Trade Welfare During The Asian Financial Crisis
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Book Synopsis Impact of Exchange Rate Changes on Export Competitiveness and Trade Welfare During the Asian Financial Crisis by : Ding Lu
Download or read book Impact of Exchange Rate Changes on Export Competitiveness and Trade Welfare During the Asian Financial Crisis written by Ding Lu and published by . This book was released on 2000 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rates, Currency Crisis and Monetary Cooperation in Asia by : R. Rajan
Download or read book Exchange Rates, Currency Crisis and Monetary Cooperation in Asia written by R. Rajan and published by Springer. This book was released on 2009-03-26 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book concentrates on exchange rates and their macroeconomic consequences, analytical and empirical issues relating to currency crises and policy responses and monetary and financial cooperation in Asia. It is truely pan-Asia-focused with chapters on China, Japan, Korea, India and Southeast Asia.
Book Synopsis The Impact of the Economic Crisis on East Asia by : Daigee Shaw
Download or read book The Impact of the Economic Crisis on East Asia written by Daigee Shaw and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: This insightful book explores the economic conditions and policy response of four major East Asian economies in the wake of the 2008 global economic crisis. Written by a distinguished group of Asian social scientists, this study summarizes and synthesizes the economic impacts of the crisis on individual countries and their policy response over the past few years, and in particular carefully scrutinizes the immediate and remote causes of the crisis. It not only offers an assessment of the impacts of the crisis, and identifies specific country measures that can be undertaken to stabilize the situation, but also looks at the crisis from three important economic perspectives: that of a healthy fiscal system, international trade, and the energy market. This insightful research monograph will be gratefully received by academics in economics and development studies as well as public policy think tanks. Government economic planning agencies in emerging countries, as well as international economic organizations and institutions such as World Bank and United Nations will also find plenty of key insights and important information in this path-breaking book.
Book Synopsis Impact Estimation Of Exchange Rates On Exports And Annual Update Of Competitiveness Analysis For 34 Greater China Economies by : Khee Giap Tan
Download or read book Impact Estimation Of Exchange Rates On Exports And Annual Update Of Competitiveness Analysis For 34 Greater China Economies written by Khee Giap Tan and published by World Scientific. This book was released on 2019-11-15 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Chinese economy has been playing an increasingly significant role on the global stage. This book is the sixth annual project of Asia Competitiveness Institute studying competitiveness at the sub-national level of Greater China. ACI's flagship competitiveness study not only adopts a comprehensive framework to measure competitiveness by incorporating 102 indicators under four environments and 11 sub-environments, but is also undertaken at the sub-national level to account for the considerable disparities within a large economy like Greater China. The comparative strengths and weaknesses based on the scores and rankings as well as the what-if simulation analysis can be used to formulate development strategies that are specific and of practical value for each sub-national economy and region.The Shapley methodology adopted by ACI introduces a novel approach for the assignment of weights to the various indicators that constitute competitiveness. This concept has introduced an element of objectivity in terms of the assignment of weights. The findings using the Shapley value also tend to validate the robustness of results obtained from the competitiveness studies over the past years.Moreover, the empirical research featured in this book attempts to understand the drivers of exports of Mainland China provinces, with a specific focus on real effective exchange rate movements and volatility. Nowadays with the international flows of goods and capital becoming ubiquitous and comprising an important aspect of national competitiveness, the role of exchange rate is drawing much more policy attention. In view of this, the research findings presented in this book make an important academic and policy contribution by empirically examining the relationship between exports and exchange rate.Finally, the timing of this publication makes it indispensable to include some dedicated discussions of the trade disputes between the US and China. Several topics would be discussed in this book, including China's protection on Intellectual Property Rights, its violation of World Trade Organisation rules, challenges to its economic growth, the development of its three regional megalopolises, and how to mitigate the impact and ramification of its trade war against the US. This book attempts to identify the growing concerns in the US-China trade tension and provide suggestions for China's development in the future.
Book Synopsis Implications of the Currency Crisis for Exchange Rate Arrangements in Emerging East Asia by : Masahiro Kawai
Download or read book Implications of the Currency Crisis for Exchange Rate Arrangements in Emerging East Asia written by Masahiro Kawai and published by . This book was released on 2016 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: More effort should be made to develop a framework for international monetary coordination, not only to maintain stable exchange rates among the U.S. dollar, the Japanese yen, and the euro, but to minimize the risk of currency and financial crises in emerging economies in East Asia and elsewhere.Kawai and Akiyama examine the implications of the East Asian currency crisis for exchange rate arrangements in the region's emerging market economies. They focus on the roles of the U.S. dollar, the Japanese yen, and the euro in the emerging East Asian economies' exchange rate policies. They claim that these economies are particularly susceptible to large exchange rate fluctuations because they have been pursuing financial deregulation, opening markets, and liberalizing capital accounts, and because they face increased risk of sudden capital flow reversals, with attendant instability in their financial system and foreign exchange market.Kawai and Akiyama find that the dollar's role as the dominant anchor currency in East Asia was reduced during the recent currency crisis but has become prominent again since late 1998. It is too early for conclusions, but the economies seem likely to maintain more flexible exchange rate arrangements, at least officially.At the same time, these economies presumably will continue to prefer to maintain exchange rate stability without fixed rate commitments. They are better off choosing a balanced currency basket system in which the yen and the euro play a more important role than before.The ASEAN countries have a special incentive to avoid harmful fluctuations in exchange rates within the region, which could suddenly alter their international price competitiveness and make prospective free trade agreements unsustainable. So they may stabilize their exchange rates against similar currency baskets, to ensure intraregional exchange rate stability.This paper - a product of the Office of the Chief Economist, East Asia and Pacific Region - is part of a larger effort in the region to study financial market development, capital flows, and exchange rate arrangements in East Asia. The authors may be contacted at [email protected] or [email protected].
Book Synopsis Asian and United States Market Reactions to Trade Restrictions by : Qian Sun
Download or read book Asian and United States Market Reactions to Trade Restrictions written by Qian Sun and published by Routledge. This book was released on 2018-10-29 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effect of US protectionist policy on stock prices of firms in the US and abroad is still an open question. This book, first published in 1996, investigates the effects of trade restrictions at the level of the individual firm, focusing on US, Taiwan and South Korea.
Book Synopsis The East Asian Crisis by : Ms.Kalpana Kochhar
Download or read book The East Asian Crisis written by Ms.Kalpana Kochhar and published by International Monetary Fund. This book was released on 1998-09-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews macroeconomic developments during the first year of the crisis in east Asia and draws some preliminary policy lessons. The crisis is rooted in the interaction of large capital inflows and weak private and public sector governance. At the same time, macroeconomic adjustment in these countries has resulted in some surprising outcomes, including severe economic contractions, low inflation, and rapid external adjustment. The lessons for crisis resolution include the importance of tight monetary policy early on for exchange rate stabilization, flexible fiscal policy, and comprehensive structural reform. Crises are avoided by prudent macroeconomic policies, diligent bank supervision, transparent data dissemination, strong governance, and forward-looking policymaking, even in good times.
Book Synopsis Exchange Rate Systems and Policies in Asia by : Paul S. L. Yip
Download or read book Exchange Rate Systems and Policies in Asia written by Paul S. L. Yip and published by World Scientific. This book was released on 2008 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important book comprises insightful papers on lessons learned from some major exchange rate and monetary experiences in Asia, exchange rate crisis management in Asia and choice of exchange rate systems in Asia. Originally published in the Singapore Economic Review, Vol. 52, No. 3, 2007, it deals primarily with the exchange rate systems and policies in the three largest economies in Asia: China, Japan and India. It also contains a paper on Singapore''s exchange rate system, whose success could make it a role model for other small open economies. Notable contributors include Ronald McKinnon and John Williamson, among others. The editor is the original designer of China''s latest exchange rate system reform.
Book Synopsis Trade Patterns and Exchange Rates in East Asia by : Mizanur Rahman
Download or read book Trade Patterns and Exchange Rates in East Asia written by Mizanur Rahman and published by CreateSpace. This book was released on 2012-06-30 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his Testimony on June 23 2005 before the U.S. Senate Committee on Finance, Alan Greenspan, Chairman of the Federal Reserve Board, remarked, "The enhanced integration of China into the world trading system is having notable effect on Asia's trade with the rest of the world and on trade within Asia. After having risen rapidly through the 1990s, U.S. imports from Asia excluding China have flattened since 2000. This has occurred as production within Asia has evolved, with the final stages of assembly and exporting to the United States and elsewhere becoming increasingly concentrated in China." The phenomenon is called East Asian production networks whereby production processes are fragmented across national borders in the region. This development is undeniably related to the global imbalance problem. Several studies showed that the build-up of an unsustainable payment imbalance in the U.S. was substantially mirrored in the reserve accumulation by East Asian countries including China notably. These studies predicted that unless "coordination and shared responsibility" led to a gradual adjustment of it, the world economy would move toward a major crisis. Some authors even predicted an imminent collapse of the U.S. dollar, and a global financial meltdown. A global financial crisis indeed began in 2008. The crisis has accompanied a prolonged economic slowdown across the developed and developing world. An unwinding of the imbalance has progressed but in a disorderly way. The moral of this research is that real exchange rate changes and redistribution of world expenditures will continue to play key role in the process of international adjustment. However, our focus would be on how it would affect East Asian exports within the region and between East Asia and the rest of the world. We apply an empirical framework that essentially incorporates the fact that production within Asia has evolved. The consideration has an important implication. It is that exports by country are recorded on a gross basis rather than as value added and therefore the domestic value added is only a part of the gross value of the exports. An appreciation by the exporting country per se will affect only the domestic value added but not the gross value. But a joint appreciation of countries supplying intermediate goods will increase the dollar cost of intermediate goods imported into the exporting country from the rest of Asia, which represents a significant share of the gross value. This was the conjecture of Alan Greenspan. He argued that such a coordinated exchange appreciation would have larger effect on East Asian exports. In fact, East Asian exchange rates are now on a path of real appreciation but in an environment of no explicit coordination. The question is how changes in intra-regional real exchange rates will affect trade along the production networks and final exports from East Asia to the world. This study defines two channels of this effect. The first is the production linkage effect through fragmented value chain and the other is the competitive effect. A real appreciation of one East Asian country against the others will imply an adverse competitiveness effect but a favorable linkage effect. We further examine in this research the evolving trade patterns of East Asian countries. We do it by analyzing composition as well as comparative advantage of East Asian exports by stages of production and across geographic locations. The purpose is to see how production specialization has evolved across the core and peripheral countries within the region. We conduct the analyses for all East Asian countries and over 1985-2008 period. They include Japan, South Korea, and Taiwan comprising the core region and China and seven ASEAN countries comprising the peripheral region. The ASEAN countries are Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Viet Nam.
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 Global Economic Effects of the Asian Currency Devaluations by : Marcus Noland
Download or read book Global Economic Effects of the Asian Currency Devaluations written by Marcus Noland and published by Peterson Institute for International Economics. This book was released on 1998 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian financial crisis has precipitated significant changes in real exchange rates in the region that will substantially alter the volume and pattern of international trade. The crisis countries will increase their exports and, especially, reduce their imports. Japan, China, and the other non-crisis countries will experience more complex changes. The trade balances of the United States and Western Europe will deteriorate by about $40-50 billion as a result of the currency movements in Asia. This study, newly updated in August 1999, quantifies the impact of the currency changes on the individual countries in Asia, on the United States, on Europe and on other regions on a sector-by-sector basis. It analyzes the additional impact that might occur if China, thus far a relative bystander in the crisis, were to devalue its currency as well. It then examines potential trade policy responses to these developments including the risk of an upsurge in protectionist pressure in the United States.
Book Synopsis The Impact of Exchange Rate Changes in Key Currencies on Trade by : Richard P. Mattione
Download or read book The Impact of Exchange Rate Changes in Key Currencies on Trade written by Richard P. Mattione and published by . This book was released on 1987 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Latin American Economic Crises by : E. Bour
Download or read book Latin American Economic Crises written by E. Bour and published by Springer. This book was released on 2003-12-09 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines issues of economic interest faced by Latin America economies in the late Twentieth-century. The fifteen chapters deal with macroeconomic problems, financial crises, the development of trade and trade agreements and labour issues. Of particular interest are the chapters dealing with Argentina, which provide an absorbing background to the financial crisis faced today.
Author :Pao-Hwa Chan Publisher :Ann Arbor, Mich. : University Microfilms International ISBN 13 : Total Pages :264 pages Book Rating :4.:/5 (318 download)
Book Synopsis The Impact of Exchange Rate Fluctuations on U.S. Trade Competitiveness by : Pao-Hwa Chan
Download or read book The Impact of Exchange Rate Fluctuations on U.S. Trade Competitiveness written by Pao-Hwa Chan and published by Ann Arbor, Mich. : University Microfilms International. This book was released on 1996 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study applies two different econometric methodologies to investigate the impact of exchange rate changes on the trade prices and quantities using the aggregated and industry level data of the United States, Canada, and Japan in order to compare the similarities and differences in countries as well as industries. The dynamic responses of these trade prices and quantities become very interesting and valuable for the further study of the effect of exchange rate changes, because the most important feature of this study is that the value of the U.S. dollar depreciates in terms of the Japanese yen but at the same time appreciates against the Canadian dollar. The actual impact of exchange rate changes is estimated by combining the main features of the markup specification and the effect of intermediate cost changes. In addition to the explicit recognition of the effects of markups and cost changes, the study includes the feedback effect of the partial adjustment mechanism in three-stage least squares to compare the findings of the vector autoregressions and to develop more reasonable implicit explanations. Moreover, the vector autoregressive technique particularly provides an adapted exploration of the dynamic inter-relationships among the exchange rate changes and trade prices as well as quantities to identify the role of exchange rate changes in output and price determination by analyzing variance decompositions and impulse responses. The results from these two different econometric methodologies present several similar meaningful findings. The findings suggest that the exporters and importers of the United States do not meet a very competitive situation with Canadian traders. By contrast, the findings indicate that the export and import industries of the United States encounter severer competition when they trade to and from Japan. In addition to measuring competitiveness, the results also illustrate that the responses of exchange rate changes between the short-run and the long-run are relatively small in the trade prices of the United States and Japan, suggesting that most price adjustments will be completed immediately, while the adjustments of import prices occur slower than has been expected between the United States and Canada. Furthermore, according to the impact elasticities of trade volume equations, the results suggest that a trade negotiation or a managed exchange rate policy might be an effective way to improve the trade deficits between the United States and Canada, while these policies might cause the trade deficits between the United States and Japan to deteriorate after dollar depreciation.
Book Synopsis Exchange Rate Policy and Export Performance in Efficiency-Driven Economies by : Nicola Rowbotham
Download or read book Exchange Rate Policy and Export Performance in Efficiency-Driven Economies written by Nicola Rowbotham and published by . This book was released on 2014 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Increased globalisation of trade, coupled with rising competition, has led a growing number of firms to search beyond their traditional domestic markets for business opportunities in recent years. As a result, export-led growth has gained renewed attention amongst policy makers, particularly amongst those in industrialising nations, or so-called efficiency-driven economies. This search for drivers of economic growth has gained further impetus from the economic pressures brought about by the fall in growth in advanced markets following the global financial crisis coupled with the rising competitive of industrialising emerging economies. A common policy proposal amongst countries trying to catch up in terms of competitiveness is to weaken the home country exchange rate as a means to stimulate exports. Past research on the impact of such policy prescriptions shows mixed results. Consequently, and given the renewed emphasis on this policy lever, this research examines the impact of exchange rate on export performance in a sample of nine efficiency-driven economies over the period 1990 to 2009. These economies that we survey include Brazil, the Dominican Republic, Malaysia, Mauritius, Mexico, Peru, South Africa, Thailand and Turkey, which all have floating exchange rate arrangements during the survey period. Panel data models using a fixed-effects method have been applied in this research, the results of which suggest that a weakening of the exchange rate does not necessarily improve export performance. To the contrary, for the nine countries surveyed, export growth seems to be associated with stronger exchange rates. Whilst our results suggest that the lag effect of exchange rate movement on export performance is slightly more pronounced, the relationship nevertheless remains statistically insignificant.
Book Synopsis Investigating the Effect of Exchange Rate Changes on Transpacific Rebalancing by : Willem Thorbecke
Download or read book Investigating the Effect of Exchange Rate Changes on Transpacific Rebalancing written by Willem Thorbecke and published by . This book was released on 2010 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis China's Integration Into The World Economy by : John Whalley
Download or read book China's Integration Into The World Economy written by John Whalley and published by World Scientific. This book was released on 2011-01-03 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses China's integration into the world economy, drawing on papers previously written by the editor. It focuses on strong trade growth, FDI inflows, innovation policy (including transfer of technology and intellectual property), the role of saving, and the accumulation of human capital. It also analyzes the quantitative significance of openness in driving China's growth.While other books on China do not focus much on China's integration into the world economy, this book provides technically strong analyses of key contributing factors to China's growth performance. It also highlights innovation and education policies and their significance for the 11th five-year plan which aims to quadruple real income per capita between 2000 and 2020.
