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Mexicos 1994 Exchange Rate Crisis Interpreted In Light Of The Non Traded Model
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Book Synopsis Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-traded Model by : Andrew M. Warner
Download or read book Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-traded Model written by Andrew M. Warner and published by . This book was released on 1997 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper attempts to make the case that a 2-sector model using the familiar traded non-traded distinction offers a reasonably successful empirical account of why Mexico needed to devalue its exchange rate in 1994. This model provides a way to define and measure disequilibrium in the exchange rate, and thus may be useful in assessing the likelihood of an exchange rate crisis in other developing countries. The results suggest that Mexico's exchange rate was about 25 percent overvalued on the eve of its 1994 crisis, but was much closer to equilibrium by the end of 1996. The approach in this paper is compared with other ways of assessing disequilibrium in the exchange rate, based on purchasing power parity or monetary models of the exchange rate.
Book Synopsis Mexico's 1994 Exchange Rate Crises Interpreted in Light of the Non-traded Model by : Andrew M. Warner
Download or read book Mexico's 1994 Exchange Rate Crises Interpreted in Light of the Non-traded Model written by Andrew M. Warner and published by . This book was released on 1997 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mexico's Exchange Rate Crisis Interpreted in Light of the Non-trades Model by : Andrew M. Warner
Download or read book Mexico's Exchange Rate Crisis Interpreted in Light of the Non-trades Model written by Andrew M. Warner and published by . This book was released on 1997 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Mexican Peso Crisis by : Mr.Paul R. Masson
Download or read book The Mexican Peso Crisis written by Mr.Paul R. Masson and published by International Monetary Fund. This book was released on 1996-01-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines credibility and reputational factors in explaining the December 1994 crisis of the Mexican peso. After reviewing events leading to the crisis, a model emphasizing the inflation-competitiveness trade-off is presented to explain the formation of devaluation expectations. Estimation results indicate that investors appear to have seriously underestimated the risk of devaluation, despite early warning signals. The collapse of confidence that followed the December 20 devaluation may have been the result of a shift in the perceived commitment of the authorities to exchange rate stability.
Book Synopsis The 1994 Mexican Economic Crisis by : Mr.Eliot Kalter
Download or read book The 1994 Mexican Economic Crisis written by Mr.Eliot Kalter and published by International Monetary Fund. This book was released on 1999-12-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the role of a country’s fiscal stance in weakening the financial underpinnings of an open economy with a quasi-fixed nominal exchange rate, even where the overall fiscal deficit remains unchanged, or even narrows. The paper cites the role of expanding government operations in reducing the relative price of traded goods. A marked increase in government expenditure and taxation is associated with increased production costs, excess demand for nontraded goods, and a deterioration in the financial health of the traded goods sector. The paper demonstrates that, in contrast to the current economic situation in Mexico, the period leading to the 1994 crisis closely parallels these stylized facts.
Download or read book Currency Crises written by Paul Krugman and published by University of Chicago Press. This book was released on 2007-12-01 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is no universally accepted definition of a currency crisis, but most would agree that they all involve one key element: investors fleeing a currency en masse out of fear that it might be devalued, in turn fueling the very devaluation they anticipated. Although such crises—the Latin American debt crisis of the 1980s, the speculations on European currencies in the early 1990s, and the ensuing Mexican, South American, and Asian crises—have played a central role in world affairs and continue to occur at an alarming rate, many questions about their causes and effects remain to be answered. In this wide-ranging volume, some of the best minds in economics focus on the historical and theoretical aspects of currency crises to investigate three fundamental issues: What drives currency crises? How should government behavior be modeled? And what are the actual consequences to the real economy? Reflecting the latest thinking on the subject, this offering from the NBER will serve as a useful basis for further debate on the theory and practice of speculative attacks, as well as a valuable resource as new crises loom.
Book Synopsis The Mexican Peso Crisis by : Paul R. Masson
Download or read book The Mexican Peso Crisis written by Paul R. Masson and published by . This book was released on 2006 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines credibility and reputational factors in explaining the December 1994 crisis of the Mexican peso. After reviewing events leading to the crisis, a model emphasizing the inflation-competitiveness trade-off is presented to explain the formation of devaluation expectations. Estimation results indicate that investors appear to have seriously underestimated the risk of devaluation, despite early warning signals. The collapse of confidence that followed the December 20 devaluation may have been the result of a shift in the perceived commitment of the authorities to exchange rate stability.
Book Synopsis The 1994 Mexican Economic Crisis by : Eliot Kalter
Download or read book The 1994 Mexican Economic Crisis written by Eliot Kalter and published by . This book was released on 1999 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tango with the Gringo:The hard peg and real misalignment in Argentina by : Enrique Alberola
Download or read book Tango with the Gringo:The hard peg and real misalignment in Argentina written by Enrique Alberola and published by World Bank Publications. This book was released on 2013 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Between 1990 and 2001 the Argentine peso appreciated by 80 percent in real terms, and its overvaluation has been singled out as one of the main suspects in the debate on the causes of the Argentina collapse of late 2001. This paper assesses the degree of real misalignment in Argentina over the Convertibility period using a model in which the equilibrium real exchange rate is defined as the value consistent with (i) a balance of payments position where any current account imbalance is financed by a sustainable flow of international capital (external equilibrium), and (ii) traded/nontraded sector productivity differentials (internal equilibrium). Empirical implementation of the model suggests that the initial real appreciation of the peso, between 1990 and 1993, was consistent with the productivity increases that Argentina enjoyed following the stabilization of the economy after the hyperinflation of the late 1980s. But after 1996 a widening gap opened between the observed real exchange rate and that consistent with a sustainable net foreign asset position. Our estimates indicate that in 2001 the peso was overvalued by over 50 percent. The model allows us to assess how much of the overvaluation resulted from Argentina's inadequate choice of anchor currency and how much from a divergence of fundamentals between the U.S. and Argentina, ultimately due to the maintenance of policies inconsistent with the peg. We find that both factors played a role in the overvaluation accumulated between 1977 and 2001 that preceded the collapse of the Convertibility regime.
Book Synopsis Economic Policy Reform by : Anne O. Krueger
Download or read book Economic Policy Reform written by Anne O. Krueger and published by University of Chicago Press. This book was released on 2000-11-15 with total page 614 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers and commentary collected here constitute a vital discussion of contemporary thinking on economic policy reform, in particular the difficulties that leave so much of the world seemingly mired in poverty.
Download or read book Mexico 1994 written by Sebastian Edwards and published by . This book was released on 1997 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors are uniquely positioned to provide valuable insights on both the Mexican crisis and the metamorphosis in the nature of financial debacles.
Book Synopsis NBER Reporter by : National Bureau of Economic Research
Download or read book NBER Reporter written by National Bureau of Economic Research and published by . This book was released on 2000 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Working Paper Series written by and published by . This book was released on 1999 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Collapsing Controlled Exchange Rates by : Valentijn van Nieuwenhuijzen
Download or read book Collapsing Controlled Exchange Rates written by Valentijn van Nieuwenhuijzen and published by . This book was released on 1999 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Was Mexico's Exchange Rate Overvalued in 1994? by : Andrew M. Warner
Download or read book Was Mexico's Exchange Rate Overvalued in 1994? written by Andrew M. Warner and published by . This book was released on 1996 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Macroeconomics in Emerging Markets by : Peter J. Montiel
Download or read book Macroeconomics in Emerging Markets written by Peter J. Montiel and published by Cambridge University Press. This book was released on 2003-04-10 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a rigorous, yet nonmathematical analysis of key macroeconomic issues faced by emerging economies. The first part develops an analytical framework that can be used as a workhorse model to study short-run macroeconomic issues of stabilization and adjustment in such economies, comparable to the IS-LM framework widely used in intermediate-level macroeconomics textbooks for industrial countries. The rest of the book considers fiscal issues, financial sector issues, and issues concerning exchange rate regimes and policies. In the fiscal area, the focus is on the formulation of intertemporal policies, i.e. fiscal sustainability, seigniorage, and the roles of central bank independence and privatization of public enterprises in achieving fiscal credibility. The analysis of the financial sector examines its role in promoting welfare and growth. Finally, the book explores recent developments in the theory of appropriate exchange rate regimes and management, and provides an overview of currency crises.
Book Synopsis Real Exchange Rate Misalignments and Growth by : Ofair Razin
Download or read book Real Exchange Rate Misalignments and Growth written by Ofair Razin and published by . This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real exchange rate (RER) misalignment is now a standard concept in international macroeconomic theory and policy. However, there is neither a consensus indicator of misalignment, nor an agreed upon methodology for constructing such an indicator. This paper constructs an indicator of RER misalignment for a large sample of developed and developing countries. This indicator is based on a well-structured but simple extension of an IS-LM model of an open economy. The paper then uses regression analysis to explore whether RER misalignments are related to country growth experiences. Interestingly the work finds that there are important non-linearities in the relationship. Only very high over-valuations" appear to be associated with slower economic growth, while moderate to high (but not very high) under-valuations appear to be associated with more rapid economic growth.
