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Measuring Real Exchange Rate Instability In Developing Countries
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Book Synopsis Measuring Real Exchange Rate Instability in Developing Countries by : Lant Pritchett
Download or read book Measuring Real Exchange Rate Instability in Developing Countries written by Lant Pritchett and published by . This book was released on 1991 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The historical evolution of the real exchange rate in most LDCs, with periods of gradual appreciation followed by massive depreciations, implies that the standard variability measures are not valid for comparing real exchange rate uncertainty across countries.
Book Synopsis Real Exchange Rate Uncertainty and Private Investment in Developing Countries by : Luis Servén
Download or read book Real Exchange Rate Uncertainty and Private Investment in Developing Countries written by Luis Servén and published by World Bank Publications. This book was released on 2002 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Serven examines empirically the link between real exchange rate uncertainty and private investment in developing countries using a large cross country-time series data set. He builds a GARCH-based measure of real exchange rate volatility and finds that it has a strong negative impact on investment, after controlling for other standard investment determinants and taking into account their potential endogeneity. The impact of uncertainty is not uniform, however. There is some evidence of threshold effects, so that uncertainty only matters when it exceeds some critical level. In addition, the negative impact of real exchange rate uncertainty on investment is significantly larger in economies that are highly open and in those with less developed financial systems.
Book Synopsis Real Exchange Rates in the Developing Countries by : Sebastian Edwards
Download or read book Real Exchange Rates in the Developing Countries written by Sebastian Edwards and published by . This book was released on 1989 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with three important issues related to real exchange rates. First, it discusses the analytical concept of real exchange rate (RER) placing particular emphasis on providing an operational definition for the equilibrium real exchange rate. Of course, once this concept is defined we can begin to discuss in a meaningful way what we mean by real exchange rate misalignment, or deviations of the actual RER from its equilibrium value. Second, this paper deals with problems associated with measuring real exchange rates. Several proposals are analyzed and the more serious problems encountered when attempting to compute RER's in the developing countries are discussed. And third, I analyze the actual behavior of RER's in a number of developing countries. Here, issues related to the behavior of alternative indexes and to the statistical properties of real exchange rates are emphasized. Additionally, I study the real consequences of increased real exchange rate volatility.
Book Synopsis Exchange Rate Misalignment by : Lawrence E. Hinkle
Download or read book Exchange Rate Misalignment written by Lawrence E. Hinkle and published by World Bank Publications. This book was released on 1999 with total page 638 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study cautiously identifies exchange rate misalignment as an important element in most of the exchange rate crises that plagued the developing world during the last decade. Given that the increasing integration of world capital markets, has escalated the costs of such crises, a broad consensus emerged in recent years, that the overriding objective of exchange rate policy in developing countries, should be to avoid episodes of prolonged, and substantial misalignment, i.e., situations in which the actual real exchange rate differs significantly from its long-run equilibrium value. It was the Bank's involvement in one such misalignment episode, that eventually led to this book. Following an overview on the concepts and measurement of exchange rate misalignment, its impact on the purchasing power parity, and the relationship between the external real exchange rate (RER), and the two-good internal RER for tradables non-tradables, the study presents methodologies - empirical applications - for estimating the RER equilibrium. The study reaches an optimistic conclusion - that enough is known to identify cases of misalignment, and be able to sound clear warning signals. The implication for exchange rate policy is that ignorance about the empirical value of the equilibrium exchange rate, cannot be used to clinch arguments for extreme exchange arrangements, such as clean floats, currency boards, and "dollarization."
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 Misalignment in Developing Countries by : Sebastian Edwards
Download or read book Exchange Rate Misalignment in Developing Countries written by Sebastian Edwards and published by Johns Hopkins University Press. This book was released on 1988 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The role of macroeconomic policies is then analyzed under three alternative nominal exchange rate regimes: predetermined nominal exchange rates; floating nominal rates; and dual or black market nominal exchange rates. This discussion points out how inconsistent macroeconomic policies often lead to real exchange rate misalignment. Corrective measures, including nominal devaluation and several alternative approaches, are then evaluated.
Book Synopsis Measuring Real Exchange Rate Instablity in Developing Countires by :
Download or read book Measuring Real Exchange Rate Instablity in Developing Countires written by and published by World Bank Publications. This book was released on with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Real Exchange Rates in the Developing Countries by : Sebastian Edwards
Download or read book Real Exchange Rates in the Developing Countries written by Sebastian Edwards and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with three important issues related to real exchange rates. First, it discusses the analytical concept of real exchange rate (RER) placing particular emphasis on providing an operational definition for the equilibrium real exchange rate. Of course, once this concept is defined we can begin to discuss in a meaningful way what we mean by real exchange rate misalignment, or deviations of the actual RER from its equilibrium value. Second, this paper deals with problems associated with measuring real exchange rates. Several proposals are analyzed and the more serious problems encountered when attempting to compute RER's in the developing countries are discussed. And third, I analyze the actual behavior of RER's in a number of developing countries. Here, issues related to the behavior of alternative indexes and to the statistical properties of real exchange rates are emphasized. Additionally, I study the real consequences of increased real exchange rate volatility.
Book Synopsis Adjustment, Investment, and the Real Exchange Rate in Developing Countries by :
Download or read book Adjustment, Investment, and the Real Exchange Rate in Developing Countries written by and published by World Bank Publications. This book was released on with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: LDC adjustment packages Riccardo Faini and Jaime de Melo Developing countries have been hit by a fall in their terms of trade, high real interest rates on their external debt, and a drought in commercial lending from abroad. Their subsequent adjustment packages, often supported by loans from the IMF and World Bank, focused on a sharp real exchange rate depreciation to restore external balance and a host of microeconomic reforms to secure a simultaneous supply-side improvement. This paper examines the success of these ‘adjustment with growth' packages in a large sample of developing countries. We find these packages have been much more successful in LDCs which export manufactures than they have in those concentrating on primary exports (primarily low-income African countries); the latter have not resumed sustainable growth, and most of their external adjustment has arisen from expenditure reduction, not an increase in supply. The longer-term prospects for manufacturing exporters are also brighter: there we detect signs of increased efficiency and a smaller decline in investment than in primary exporters. But we also find that a high external debt burden and an unstable macroeconomic environment impede investment in all LDCs. In the longer term, adjustment with growth packages will succeed only if they are accompanied by a more stable macroeconomic environment and appropriate debt relief
Book Synopsis Real Exchange Rate Variability by : Sebastian Edwards
Download or read book Real Exchange Rate Variability written by Sebastian Edwards and published by . This book was released on 1988 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The purpose of this paper is to investigate the potential role of monetary and real factors in explaining real exchange rate variability in developing countries. For this purpose two indexes of real effective exchange rate variability that measure short-term and long-term variability were constructed for 30 countries. The results obtained, using a generalized least squares procedures on cross section data, indicate that real exchange rate variability has been affected both by real and monetary factors. In particular it was found that more unstable nominal exchange rate policies were reflected in higher real exchange rate instability in the short-run; more unstable domestic credit policies resulted in higher short-term real exchange rate variability; and more unstable external terms of trade also affected positively the degree of real exchange rate instability.
Book Synopsis Real Exchange Rates In Developing Countries by : Mr.Mohsin S. Khan
Download or read book Real Exchange Rates In Developing Countries written by Mr.Mohsin S. Khan and published by International Monetary Fund. This book was released on 2004-10-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is little empirical research on whether Balassa-Samuelson effects can explain the long-run behavior of real exchange rates in developing countries. This paper presents new evidence on this issue based on a panel data sample of 16 developing countries. The paper finds that the traded-nontraded productivity differential is a significant determinant of the relative price of nontraded goods, and the relative price in turn exerts a significant effect on the real exchange rate. The terms of trade also influence the real exchange rate. These results provide strong verification of Balassa-Samuelson effects for developing countries.
Book Synopsis Real Exchange Rate Uncertainty and Private Investment in Developing Countries by : Luis Servén
Download or read book Real Exchange Rate Uncertainty and Private Investment in Developing Countries written by Luis Servén and published by . This book was released on 2016 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Serven examines empirically the link between real exchange rate uncertainty and private investment in developing countries using a large cross country-time series data set. He builds a GARCH-based measure of real exchange rate volatility and finds that it has a strong negative impact on investment, after controlling for other standard investment determinants and taking into account their potential endogeneity. The impact of uncertainty is not uniform, however. There is some evidence of threshold effects, so that uncertainty only matters when it exceeds some critical level. In addition, the negative impact of real exchange rate uncertainty on investment is significantly larger in economies that are highly open and in those with less developed financial systems.This paper - a product of the Office of the Chief Economist, Latin America and the Caribbean Region - is part of a larger effort in the region to assess the effects of macroeconomic volatility.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498330282 Total Pages :132 pages Book Rating :4.4/5 (983 download)
Book Synopsis Exchange Rate Volatility and Trade Flows--Some New Evidence by : International Monetary Fund
Download or read book Exchange Rate Volatility and Trade Flows--Some New Evidence written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-05-19 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis The Impact of the Exchange Rate System on the Developing Countries by : Gerald K. Helleiner
Download or read book The Impact of the Exchange Rate System on the Developing Countries written by Gerald K. Helleiner and published by . This book was released on 1981 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Response of the Equilibrium Real Exchange Rate to Real Disturbances in Developing Countries by : Mr.Mohsin S. Khan
Download or read book Response of the Equilibrium Real Exchange Rate to Real Disturbances in Developing Countries written by Mr.Mohsin S. Khan and published by International Monetary Fund. This book was released on 1991 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a simple dependent - economy framework, this paper outlines the links between the equilibrium real exchange rate and some of its fundamental exogenous determinants, mainly terms of trade movements and commercial policy changes. Drawing on existing studies of trade flows in developing countries, it is possible to derive plausible quantitative ranges for the response of the equilibrium real exchange rate to both external and policy-induced shocks. The results should be particularly relevant in designing real exchange rate targets and rules that allow for movements in the equilibrium real exchange rate in response to various shocks.
Book Synopsis The Impact of G-3 Exchange Rate Volatility on Developing Countries by : Gerardo Esquivel
Download or read book The Impact of G-3 Exchange Rate Volatility on Developing Countries written by Gerardo Esquivel and published by . This book was released on 2002 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concerns the impact of instability of the dollar, yen and deutsche mark on developing countries' exports, foreign direct investment, and exchange rate crises.
Book Synopsis Real Exchange Rates, Economic Complexity, and Investment by : Steve Brito
Download or read book Real Exchange Rates, Economic Complexity, and Investment written by Steve Brito and published by International Monetary Fund. This book was released on 2018-05-10 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that the response of firm-level investment to real exchange rate movements varies depending on the production structure of the economy. Firms in advanced economies and in emerging Asia increase investment when the domestic currency weakens, in line with the traditional Mundell-Fleming model. However, in other emerging market and developing economies, as well as some advanced economies with a low degree of structural economic complexity, corporate investment increases when the domestic currency strengthens. This result is consistent with Diaz Alejandro (1963)—in economies where capital goods are mostly imported, a stronger real exchange rate reduces investment costs for domestic firms.