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Author : Matthieu Bussière
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (513 download)
Download or read book Methodological advances in the assessment of equilibrium exchange rates written by Matthieu Bussière and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Peter Isard
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (318 download)
Download or read book Equilibrium Exchange Rates written by Peter Isard and published by International Monetary Fund. This book was released on 2007-12 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper describes six different methodologies that have been used to assess the equilibrium values of exchange rates and discusses their limitations. It applies several of the approaches to data for the United States as of 2006, illustrates that different approaches sometimes provide substantially different assessments, and asks which methodologies deserve the most weight in such situations. It argues that while it is generally desirable to consider the implications of several different approaches, since different approaches provide different types of perspectives, two of the methodologies seem particularly relevant for identifying threats to macroeconomic stability and growth.
Author : Mr.Jaewoo Lee
Publisher : International Monetary Fund
ISBN 13 : 1589066383
Total Pages : 34 pages
Book Rating : 4.5/5 (89 download)
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.
Author : Ronald MacDonald
Publisher : Springer Science & Business Media
ISBN 13 : 9401144117
Total Pages : 353 pages
Book Rating : 4.4/5 (11 download)
Download or read book Equilibrium Exchange Rates written by Ronald MacDonald and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: How successful is PPP, and its extension in the monetary model, as a measure of the equilibrium exchange rate? What are the determinants and dynamics of equilibrium real exchange rates? How can misalignments be measured, and what are their causes? What are the effects of specific policies upon the equilibrium exchange rate? The answers to these questions are important to academic theorists, policymakers, international bankers and investment fund managers. This volume encompasses all of the competing views of equilibrium exchange rate determination, from PPP, through other reduced form models, to the macroeconomic balance approach. This volume is essentially empirical: what do we know about exchange rates? The different econometric and theoretical approaches taken by the various authors in this volume lead to mutually consistent conclusions. This consistency gives us confidence that significant progress has been made in understanding what are the fundamental determinants of exchange rates and what are the forces operating to bring them back in line with the fundamentals.
Author : Mr.Angel J. Ubide
Publisher : International Monetary Fund
ISBN 13 : 1451858736
Total Pages : 44 pages
Book Rating : 4.4/5 (518 download)
Download or read book Global Equilibrium Exchange Rates written by Mr.Angel J. Ubide and published by International Monetary Fund. This book was released on 1999-12-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a methodology for calculating bilateral equilibrium exchange rates for a panel of currencies in a way that guarantees global consistency. The methodology has three parts: a theoretical model that encompasses the balance of payments and the Balassa-Samuelson approaches to real exchange rate determination; an unobserved components decomposition in a cointegration framework that identifies a time-varying equilibrium real exchange rate; and an algebraic transformation that extracts bilateral equilibrium nominal rates. The results uncover that, by the start of Stage III of the European Economic and Monetary Union (EMU), the euro was significantly undervalued against the dollar and the pound, but overvalued against the yen. The paper also shows that the four major EMU currencies locked their parities with the euro at a rate close to equilibrium.
Author : Peter B. Clark
Publisher :
ISBN 13 : 9781451843477
Total Pages : 42 pages
Book Rating : 4.8/5 (434 download)
Download or read book Robustness of Equilibrium Exchange Rate Calculations to Alternative Assumptions and Methodologies written by Peter B. Clark and published by . This book was released on 1994 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores a number of methodological issues that arise in the calculation of equilibrium exchange rates, which are identified in this paper as those real effective exchange rates consistent with macroeconomic equilibrium, i.e., internal and external balance. A partial equilibrium, comparative static analysis is presented and the methodology is applied to the break-up of the Bretton Woods exchange rate system. Then the dynamic interaction between the current account and the stock of net foreign assets is examined. Finally, the analysis uses a more general equilibrium approach by relying on simulations using MULTIMOD, a multicountry econometric model. The paper demonstrates the extent to which the equilibrium exchange rate calculations depend upon alternative assumptions regarding factors that affect internal and external balance. In addition, results obtained using the comparative static and dynamic macroeconomic approaches are compared.
Author : Mr. Peter Isard
Publisher : International Monetary Fund
ISBN 13 : 1452704600
Total Pages : 89 pages
Book Rating : 4.4/5 (527 download)
Download or read book Exchange Rate Assessment written by Mr. Peter Isard and published by International Monetary Fund. This book was released on 1998-07-24 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF's internal analysis of exchange rate issues has been guided by, and limited by, the conceptual and empirical frameworks that have emerged from the collective research of the economics profession. The research has provided several general approaches that are useful for assessing whether countries' exchange rates seem broadly appropriate. One involves the calculation of purchasing power-party (PPP) measure or international competitiveness indicators. A second, known as the macroeconomic balance framework, focuses on the extent to which prevailing exchange rates and policies are consistent with simultaneous internal and external equilibrium over the medium run. Some recent extensions of the macroeconomic balance approach and the manner in which it is applied by the IMF staff are described in this paper.
Author : Burcu Aydin
Publisher : International Monetary Fund
ISBN 13 : 1455201456
Total Pages : 34 pages
Book Rating : 4.4/5 (552 download)
Download or read book Exchange Rate Assessment for Sub-Saharan Economies written by Burcu Aydin and published by International Monetary Fund. This book was released on 2010-07-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an exchange rate assessment for sub-Saharan African economies by using methodologies similar to those developed by the International Monetary Fund’s Consultative Group on Exchange Rate Issues. As in the World Economic Outlook (IMF, 2009a), the unbalanced panel dataset covers 182 countries from 1973 to 2014. We apply four methodologies to assess the fundamental exchange rate: macroeconomic balance, equilibrium real exchange rate, external sustainability, and purchasing power parity. Results show that the impact of macroeconomic fundamentals on the equilibrium real exchange rate is different for sub-Saharan African economies than for advanced and less advanced economies.
Author : Tamim Bayoumi
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (318 download)
Download or read book Robustness of Equilibrium Exchange Rate Calculations to Alternative Assumptions and Methodologies written by Tamim Bayoumi and published by . This book was released on 1994 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Steven Phillips
Publisher : International Monetary Fund
ISBN 13 : 1484346785
Total Pages : 68 pages
Book Rating : 4.4/5 (843 download)
Download or read book The External Balance Assessment (EBA) Methodology written by Mr.Steven Phillips and published by International Monetary Fund. This book was released on 2014-01-13 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The External Balance Assessment (EBA) methodology has been developed by the IMF’s Research Department as a successor to the CGER methodology for assessing current accounts and exchange rates in a multilaterally consistent manner. Compared to other approaches, EBA emphasizes distinguishing between the positive empirical analysis and the normative assessment of current accounts and exchange rates, and highlights the roles of policies and policy distortions. This paper provides a comprehensive description and discussion of the 2013 version (“2.0”) of the EBA methodology, including areas for its further development.
Author : Luca Antonio Ricci
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (815 download)
Download or read book Exchange Rate Assessments written by Luca Antonio Ricci and published by . This book was released on 2009 with total page 38 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.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498332021
Total Pages : 41 pages
Book Rating : 4.4/5 (983 download)
Download or read book Methodology for CGER Exchange Rate Assessments written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2006-08-11 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange rate surveillance has always been at the core of the IMF’s responsibilities. Throughout its existence, the Fund has strived to strengthen its framework for assessing exchange rates, adapting it to underlying macroeconomic and financial developments in member countries. As part of this mandate, since the mid-1990s the Consultative Group on Exchange Rate Issues (CGER) has provided exchange rate assessments for a number of advanced economies from a multilateral perspective, with the aim of informing the country-specific analysis of Article IV Staff Reports and fostering multilateral consistency.
Author :
Publisher :
ISBN 13 : 9789276387503
Total Pages : pages
Book Rating : 4.3/5 (875 download)
Download or read book Methodologies for the Assessment of Real Effective Exchange Rates written by and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops benchmarks to assess relative price developments based on the so-called behavioural equilibrium exchange rate (BEER) empirical models. Predictions from these empirical models for the determinants of real effective exchange rates allow estimating REER benchmarks consistent with the fundamentals of the economy. While relative price assessments are commonly based on REER indexes, index numbers do not permit comparisons across countries, so that benchmarks based on indexes cannot account for cross-country relations in economic fundamentals, including catching-up effects. To account for this, complementary benchmarks are also developed for the REER in levels. To this purpose, REER measures comparable across countries are constructed using purchasing power parities from the World Bank International Comparison Program, following a regression framework akin to that in Cubeddu et al. (2018), performed on a larger panel of countries and following a different criterion for the definition of the economic fundamentals to compute REER benchmarks. These benchmarks complement those based on current account gaps, already used in economic surveillance under the Macroeconomic Imbalance Procedure, to enrich the overall assessment of exchange rate positions and dynamics.
Author : Ronald MacDonald
Publisher : Routledge
ISBN 13 : 1134838220
Total Pages : 334 pages
Book Rating : 4.1/5 (348 download)
Download or read book Exchange Rate Economics written by Ronald MacDonald and published by Routledge. This book was released on 2005 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: ''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""
Author : Ronald MacDonald
Publisher : Springer
ISBN 13 : 9780792386681
Total Pages : 222 pages
Book Rating : 4.3/5 (866 download)
Download or read book Exchange Rate Modelling written by Ronald MacDonald and published by Springer. This book was released on 1999-11-30 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are foreign exchange markets efficient? Are fundamentals important for predicting exchange rate movements? What is the signal-to-ratio of high frequency exchange rate changes? Is it possible to define a measure of the equilibrium exchange rate that is useful from an assessment perspective? The book is a selective survey of current thinking on key topics in exchange rate economics, supplemented throughout by new empirical evidence. The focus is on the use of advanced econometric tools to find answers to these and other questions which are important to practitioners, policy-makers and academic economists. In addition, the book addresses more technical econometric considerations such as the importance of the choice between single-equation and system-wide approaches to modelling the exchange rate, and the reduced form versus structural equation problems. Readers will gain both a comprehensive overview of the way macroeconomists approach exchange rate modelling, and an understanding of how advanced techniques can help them explain and predict the behavior of this crucial economic variable.
Author : Ronald MacDonald
Publisher :
ISBN 13 :
Total Pages : 75 pages
Book Rating : 4.:/5 (13 download)
Download or read book Concepts to Calculate Equilibrium Exchange Rates written by Ronald MacDonald and published by . This book was released on 2016 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we present a critical overview of differnt methods of constructing an equilibrium exchange rate. The recent literature on purchasing power parity (PPP) indicates that on its own PPP is not a good vehicle for defining an equilibrium exchange rate. Rather, we argue that the latter can only be recover from a model in which the real determinants of exchange rates are explicitly modelled. The advantages and disadvantages of various such models are discussed. In particular, the internal-external balance approach to defining an equilibrium real exchange rate is disccused, and this method is compared to the so-called behavioural equilibrium approach. Finally, an approach which uses purely time series methods to construct an equilibrium exchange rate is also discussed.
Author : Enrique Alberola
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (129 download)
Download or read book Global Equilibrium Exchange Rates written by Enrique Alberola and published by . This book was released on 2006 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a methodology for calculating bilateral equilibrium exchange rates for a panel of currencies in a way that guarantees global consistency. The methodology has three parts: a theoretical model that encompasses the balance of payments and the Balassa-Samuelson approaches to real exchange rate determination; an unobserved components decomposition in a cointegration framework that identifies a time-varying equilibrium real exchange rate; and an algebraic transformation that extracts bilateral equilibrium nominal rates. The results uncover that, by the start of Stage III of the European Economic and Monetary Union (EMU), the euro was significantly undervalued against the dollar and the pound, but overvalued against the yen. The paper also shows that the four major EMU currencies locked their parities with the euro at a rate close to equilibrium.
