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The Effects Of Alternative Exchange Rate Regimes On Real Exchange Rate Volatility
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Book Synopsis The Effects of Alternative Exchange Rate Regimes on Real Exchange Rate Volatility by : Jorge Eduardo Carrera
Download or read book The Effects of Alternative Exchange Rate Regimes on Real Exchange Rate Volatility written by Jorge Eduardo Carrera and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do alternative exchange rate regimes affect short-term real exchange rate volatility differently? The existing empirical evidence is quite mixed with slightly more papers supporting that they do. We show that such lack of consensus is mainly due to current literature limitations regarding the measurement of real exchange rates (RERs), the identification of exchange rate regimes (ERRs), and the control for the incidence of real and nominal shocks. To address these limitations, we construct a novel monthly dataset for 63 countries over the period 1946-2007, which includes market-determined multilateral RER and a proxy for terms of trade. We find that ERRs indeed affect short-term real exchange rate volatility differently. While the evidence is generally consistent with Mussa's sticky prices argument, we find that for nonadvanced countries in post-Bretton Woods there exists a “U-shape nominal flexibility puzzle of RER.” We also find evidence of a “short-run RER volatility puzzle.” Having controlled for the incidence of real and nominal shocks, nonadvanced countries' RER volatility remains between 25% and 150% greater than that of the advanced economies. Moreover, the key literature finding that short-term RER volatility is higher in Bretton Woods (BW) than in post-Bretton Woods (PBW) for industrialized countries vanishes when using market-determined multilateral RER instead of official bilateral RER.
Book Synopsis Exchange Rate Regimes by : Atish R. Ghosh
Download or read book Exchange Rate Regimes written by Atish R. Ghosh and published by MIT Press. This book was released on 2002 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: An empirical study of exchange rate regimes based on data compiled from 150 member countries of the International Monetary Fund over the past thirty years. Few topics in international economics are as controversial as the choice of an exchange rate regime. Since the breakdown of the Bretton Woods system in the early 1970s, countries have adopted a wide variety of regimes, ranging from pure floats at one extreme to currency boards and dollarization at the other. While a vast theoretical literature explores the choice and consequences of exchange rate regimes, the abundance of possible effects makes it difficult to establish clear relationships between regimes and common macroeconomic policy targets such as inflation and growth. This book takes a systematic look at the evidence on macroeconomic performance under alternative exchange rate regimes, drawing on the experience of some 150 member countries of the International Monetary Fund over the past thirty years. Among other questions, it asks whether pegging the exchange rate leads to lower inflation, whether floating exchange rates are associated with faster output growth, and whether pegged regimes are particularly prone to currency and other crises. The book draws on history and theory to delineate the debate and on standard statistical methods to assess the empirical evidence, and includes a CD-ROM containing the data set used.
Book Synopsis Real Exchange Rate Volatility by : Ms.Hong Liang
Download or read book Real Exchange Rate Volatility written by Ms.Hong Liang and published by International Monetary Fund. This book was released on 1998-10-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: A recent study by Grilli and Kaminsky (1991) argues that real exchange rate (RER) behavior is likely to be dependent on the particular historical period rather than on the nominal exchange rate arrangement itself. This paper reexamines RER behavior using alternative data sets, as well as different econometric methods, over the period 1880-1997. It finds strong evidence supporting the nonneutrality hypothesis of nominal exchange regime on RER volatility. Also, regime shifts play an important role in determining the persistence of shocks to the RER.
Book Synopsis Exchange Rate Volatility, Trade, and Capital Flows Under Alternative Exchange Rate Regimes by : Piet Sercu
Download or read book Exchange Rate Volatility, Trade, and Capital Flows Under Alternative Exchange Rate Regimes written by Piet Sercu and published by Cambridge University Press. This book was released on 2000-06-19 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sercu and Uppal examine volatility of exchange rates in the context of dynamic general equilibrium models.
Book Synopsis The Effects of Real Exchange Rate Volatility on Sectoral Investment by : Bahar Erdal
Download or read book The Effects of Real Exchange Rate Volatility on Sectoral Investment written by Bahar Erdal and published by Routledge. This book was released on 2017-05-18 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1997. This study investigates what the effects of real exchange rate volatility are on sectorial investment in the fixed and flexible exchange rate systems. It lays out the results of research into the effects of the levels and volatility of real exchange rates on investment in the manufacturing sectors of the countries in the European Monetary System as well as of the countries in the flexible exchange rate system, with data from between 1973 and 1993. Examining the differences between the two systems in the results this book also looks at exchange rate effects on interest rates at the time.
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 Evolution and Performance of Exchange Rate Regimes by : Mr.Kenneth Rogoff
Download or read book Evolution and Performance of Exchange Rate Regimes written by Mr.Kenneth Rogoff and published by International Monetary Fund. This book was released on 2003-12-01 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.
Book Synopsis Exchange Rate Regimes and the Stability of the International Monetary System by : Mr.Atish R. Ghosh
Download or read book Exchange Rate Regimes and the Stability of the International Monetary System written by Mr.Atish R. Ghosh and published by International Monetary Fund. This book was released on 2011-03-15 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The member countries of the International Monetary Fund collaborate to try to assure orderly exchange arrangements and promote a stable system of exchange rates, recognizing that the essential purpose of the international monetary system is to facilitate the exchange of goods, services, and capital, and to sustain sound economic growth. The paper reviews the stability of the overall system of exchange rates by examining macroeconomic performance (inflation, growth, crises) under alternative exchange rate regimes; implications of exchange rate regime choice for interaction with the rest of the system (external adjustment, trade integration, capital flows); and potential sources of stress to the international monetary system.
Book Synopsis Effects of Exchange Rate Variability on International Trade and Other Economic Variables by : Victoria S. Farrell
Download or read book Effects of Exchange Rate Variability on International Trade and Other Economic Variables written by Victoria S. Farrell and published by . This book was released on 1983 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies by : Enrique G. Mendoza
Download or read book Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies written by Enrique G. Mendoza and published by International Monetary Fund. This book was released on 2006-03 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dominant view in the empirical literature on exchange rates is that the high variability of real exchange rates is due to movements in exchange-rate-adjusted prices of tradable goods. This paper shows that this dominant view does not hold in Mexican data for the periods in which the country had managed exchange rate regimes. Variance analysis of a 30-year sample of monthly data shows that movements in the price of nontradables relative to tradables account for up to 70 percent of the variability of the real exchange rate during these periods. The paper proposes a model in which this stylized fact, and the Sudden Stops that accompanied the collapse of Mexico's managed exchange rates, could result from an endogenous amplification mechanism operating via nontradables prices in economies with dollarized liabilities and credit constraints. The key feature of this mechanism is Irving Fisher's debt-deflation process. Numerical evaluation suggests that the Fisherian deflation effects on consumption, the current account, and relative prices dwarf those induced by the standard balance sheet effect typical of the Sudden Stops literature.
Book Synopsis Economic Stability Under Alternative Exchange Rate Regimes by : Yeongseop Rhee
Download or read book Economic Stability Under Alternative Exchange Rate Regimes written by Yeongseop Rhee and published by . This book was released on 1991 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Volatility and Productivity Growth by : Philippe Aghion
Download or read book Exchange Rate Volatility and Productivity Growth written by Philippe Aghion and published by . This book was released on 2006 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper offers empirical evidence that real exchange rate volatility can have a significant impact on long-term rate of productivity growth, but the effect depends critically on a country's level of financial development. For countries with relatively low levels of financial development, exchange rate volatility generally reduces growth, whereas for financially advanced countries, there is no significant effect. Our empirical analysis is based on an 83country data set spanning the years 1960-2000; our results appear robust to time window, alternative measures of financial development and exchange rate volatility, and outliers. We also offer a simple monetary growth model in which real exchange rate uncertainty exacerbates the negative investment effects of domestic credit market constraints. Our approach delivers results that are in striking contrast to the vast existing empirical exchange rate literature, which largely finds the effects of exchange rate volatility on real activity to be relatively small and insignificant.
Book Synopsis Exchange Rate Regime Choice by : Mr.Robert P. Flood
Download or read book Exchange Rate Regime Choice written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 1991-09-01 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally the choice of exchange rate regime has been seen as a second-best policy choice, which can be directed toward mitigating the distortionary effects of price or information rigidities. In this paradigm the optimal degree of exchange rate flexibility is found to depend of the source and nature of shocks hitting an economy. More recent literature views the exchange rate as a widely and frequently seen manifestation of government policy with careful exchange-rate management emerging as a tool that can enhance shaky policy credibility.
Book Synopsis The Volatility of the Relative Price of Commodities In Terms of Manufactures Across Exchange Regimes by : Ms.Hong Liang
Download or read book The Volatility of the Relative Price of Commodities In Terms of Manufactures Across Exchange Regimes written by Ms.Hong Liang and published by International Monetary Fund. This book was released on 1998-12-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the relationship between the nominal exchange rate regime and the volatility of relative commodity prices. The analysis shows that the relationship depends upon both the market structure and the economic agent’s perception about future exchange rate movements. When the markets for manufactured goods are less competitive than the markets for primary commodities, the volatility of relative commodity prices rises when exchange rate uncertainty increases. If demand for manufactured goods is intertemporally dependent, even a small increase in exchange rate uncertainty can result in potentially large costs in terms of increased relative commodity price instability.
Book Synopsis Pick Your Poison by : Mr.Shigeru Iwata
Download or read book Pick Your Poison written by Mr.Shigeru Iwata and published by International Monetary Fund. This book was released on 2003-05-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: We characterize a country's exchange rate regime by how its central bank channels a capital account shock across three variables: exchange depreciation, interest rates, and international reserve flows. Structural vector autoregression estimates for Brazil, Mexico, and Turkey reveal such responses, both contemporaneously and over time. Capital account shocks are further shown to affect output growth and inflation. The nature and magnitude of these effects may depend on the exchange rate regime.
Book Synopsis China’s Evolving Exchange Rate Regime by : Mr.Sonali Das
Download or read book China’s Evolving Exchange Rate Regime written by Mr.Sonali Das and published by International Monetary Fund. This book was released on 2019-03-07 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.
Book Synopsis Real Effects of Collapsing Exchange Rate Regimes by : Patrick N. Osakwe
Download or read book Real Effects of Collapsing Exchange Rate Regimes written by Patrick N. Osakwe and published by . This book was released on 1999 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
