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Download or read book The Effects of Exchange Rate Adjustments written by and published by . This book was released on 1977 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Chief Economist Latin America and Caribbean Region Sebastian Edwards
Publisher :
ISBN 13 : 9780262519014
Total Pages : 0 pages
Book Rating : 4.5/5 (19 download)
Download or read book Real Exchange Rates, Devaluation, and Adjustment written by Chief Economist Latin America and Caribbean Region Sebastian Edwards and published by . This book was released on 1989-08-04 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real Exchange Rates, Devaluation, and Adjustment provides a unified theoretical and empirical investigation of exchange rate policy and performance in scores of developing countries. It develops a theory of equilibrium and disequilibrium real exchange rates, takes up the question of why devaluations are the most controversial policy measures in poorer nations, and discusses what determines their success or failure. In a lucid fashion, Edwards organizes vast amounts of data on exchange rates - both real and nominal - and discusses their effect on net trade balances, net asset positions, output growth, real wages, and rates of price inflation, analyzed both in time series and through cross country comparisons. Edwards's investigation singles out 39 major devaluation episodes for before and after comparative analyses while simultaneously isolating the separate effects of other important explanatory variables, such as bank credit expansion and changes in the terms of trade. The first part of the book focuses on theoretical models of devaluation and real exchange rate behavior in less developed countries. Special attention is paid to intertemporal channels in the transmission of disturbances. The second part uses a large cross country data set to analyze the way the real exchange rate has behaved in these nations. The data are also used to test the implications of several theories of real exchange rate determination. The third part analyzes actual devaluation experiences between 1962 and 1982. These chapters examine the events leading to a balance of payments crisis and to a devaluation, exploring the relation between macroeconomic disequilibrium, and the imposition of trade and exchange controls. They also investigate the effect of nominal devaluation on key variables such as the balance of payments, the current account, the real exchange rate, real output real wages, and income distribution.
Author : Peter B. Clark
Publisher :
ISBN 13 :
Total Pages : 462 pages
Book Rating : 4.3/5 (91 download)
Download or read book The Effects of Exchange Rate Adjustments written by Peter B. Clark and published by . This book was released on 1977 with total page 462 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Peter B. Clark
Publisher :
ISBN 13 :
Total Pages : 452 pages
Book Rating : 4.:/5 (327 download)
Download or read book The Effects of Exchange Rate Adjustments written by Peter B. Clark and published by . This book was released on 1977 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Peter B. Clark
Publisher :
ISBN 13 :
Total Pages : 436 pages
Book Rating : 4.:/5 (987 download)
Download or read book The Effects of Exchange Rate Adjustments written by Peter B. Clark and published by . This book was released on 1975 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : National Bureau of Economic Research
Publisher : Chicago : University of Chicago Press
ISBN 13 :
Total Pages : 472 pages
Book Rating : 4.F/5 ( download)
Download or read book Economic Adjustment and Exchange Rates in Developing Countries written by National Bureau of Economic Research and published by Chicago : University of Chicago Press. This book was released on 1986-11 with total page 472 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.
Author : Peter B. Clark
Publisher :
ISBN 13 :
Total Pages : 437 pages
Book Rating : 4.:/5 (174 download)
Download or read book The Effects of Exchange Rate Adjustment written by Peter B. Clark and published by . This book was released on 1974 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Vladimir Klyuev
Publisher : International Monetary Fund
ISBN 13 : 1451855516
Total Pages : 37 pages
Book Rating : 4.4/5 (518 download)
Download or read book The Distributional Consequences of Real Exchange Rate Adjustment written by Mr.Vladimir Klyuev and published by International Monetary Fund. This book was released on 2003-06-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper focuses on distributional consequences of macroeconomic adjustment. The preferences of economic agents over the level of the real exchange rate derived from standard models are monotonic, with agents favoring either an infinitely appreciated or depreciated rate. To generate less extreme preferences, a model is presented where appreciation would depress economic activity, while a large depreciation would hit the tradable sector by limiting the availability of labor, offsetting the favorable price effect. The model is in the spirit of the dependent economy model, but built on explicit microfoundations. The results can be used to analyze political economy aspects of macroeconomic adjustment.
Author : Mr.Yan Carriere-Swallow
Publisher : International Monetary Fund
ISBN 13 : 1484378237
Total Pages : 30 pages
Book Rating : 4.4/5 (843 download)
Download or read book No Pain, All Gain? Exchange Rate Flexibility and the Expenditure-Switching Effect written by Mr.Yan Carriere-Swallow and published by International Monetary Fund. This book was released on 2018-09-28 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theoretical models on the relationship between prices and exchange rates predict that the magnitude of expenditure switching affects the optimal choice of exchange rate regime. Focusing on the transmission of terms-of-trade shocks to domestic real variables we document that the magnitude of the expenditure switching effect is positively associated to the degree of exchange rate flexibility. Moreover, results show that flexible exchange rates allow for significant adjustment in relative prices, which in turn lowers the burden of adjustment on demand for domestic goods and, in some cases, facilitates a faster and more durable external adjustment process. These results, which are robust to accounting for possible non-linearities due to balance sheet effects or currency mismatches, shed new light on the shock absorbing properties of flexible exchange rates.
Author : Peter Clark (Sozialhistoriker, Wirtschaftshistoriker, Grossbritannien)
Publisher :
ISBN 13 :
Total Pages : 436 pages
Book Rating : 4.:/5 (632 download)
Download or read book The Effects of Exchange Rate Adjustments written by Peter Clark (Sozialhistoriker, Wirtschaftshistoriker, Grossbritannien) and published by . This book was released on 1974 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : L. Gomes
Publisher : Springer
ISBN 13 : 0230375421
Total Pages : 362 pages
Book Rating : 4.2/5 (33 download)
Download or read book The International Adjustment Mechanism written by L. Gomes and published by Springer. This book was released on 1993-07-20 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about the history of thought and policy on the international adjustment mechanism. Economics emerged as a discipline in its own right largely out of the accumulated reflections, analyses and judgements of a group of writers from the sixteenth to the early nineteenth century who shared a common perspective on matters relating to the adjustment of the balance of payments. The present survey starts with the development of the doctrine at that time and continues the story up to the present debate on economic and monetary union in Europe.
Author : Dennis E. Logue
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (5 download)
Download or read book Effects of Exchange Rate Adjustment on International Investment written by Dennis E. Logue and published by . This book was released on 1974 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Atish R. Ghosh
Publisher : International Monetary Fund
ISBN 13 : 1498359248
Total Pages : 43 pages
Book Rating : 4.4/5 (983 download)
Download or read book Friedman Redux written by Mr.Atish R. Ghosh and published by International Monetary Fund. This book was released on 2014-08-08 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Milton Friedman argued that flexible exchange rates would facilitate external adjustment. Recent studies find surprisingly little robust evidence that they do. We argue that this is because they use composite (or aggregate) exchange rate regime classifications, which often mask very heterogeneous bilateral relationships between countries. Constructing a novel dataset of bilateral exchange rate regimes that differentiates by the degree of exchange rate flexibility, as well as by direct and indirect exchange rate relationships, for 181 countries over 1980–2011, we find a significant and empirically robust relationship between exchange rate flexibility and the speed of external adjustment. Our results are supported by several “natural experiments” of exogenous changes in bilateral exchange rate regimes.
Author : Ms.Isabelle Mejean
Publisher : International Monetary Fund
ISBN 13 : 1455218960
Total Pages : 31 pages
Book Rating : 4.4/5 (552 download)
Download or read book Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia written by Ms.Isabelle Mejean and published by International Monetary Fund. This book was released on 2011-03-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: A reduction in the U.S. current account deficit vis-à-vis emerging Asia involves a shift in demand from U.S. to emerging Asia tradable goods and a change in international relative prices. This paper quantifies the required adjustment in the terms of trade and real exchange rates in a three-country open economy model of the U.S., China, and other emerging Asia. We compare scenarios where both Chinese and other emerging Asian export prices change by the same proportion to the case where export prices remain constant in one country and increase in the other. Our results are robust to different assumptions about elasticities of substitution and to introducing a high degree of vertical fragmentation in production in the model.
Author : Mr.Morris Goldstein
Publisher : International Monetary Fund
ISBN 13 : 9780939934577
Total Pages : 66 pages
Book Rating : 4.9/5 (345 download)
Download or read book The Global Effects of Fund-Supported Adjustment Programs written by Mr.Morris Goldstein and published by International Monetary Fund. This book was released on 1986-03-19 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the second of a group of papers dealing with various aspects of Fund-supported adjustment Programs.
Author : Richard C. Marston
Publisher : University of Chicago Press
ISBN 13 : 0226507254
Total Pages : 332 pages
Book Rating : 4.2/5 (265 download)
Download or read book Misalignment of Exchange Rates written by Richard C. Marston and published by University of Chicago Press. This book was released on 2008-04-15 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists writing on flexible exchange rates in the 1960s foresaw neither the magnitude nor the persistence of the changes in real exchange rates that have occurred in the last fifteen years. Unexpectedly large movements in relative prices have lead to sharp changes in exports and imports, disrupting normal trading relations and causing shifts in employment and output. Many of the largest changes are not equilibrium adjustments to real disturbances but represent instead sustained departures from long-run equilibrium levels, with real exchange rates remaining "misaligned" for years at a time. Contributors to Misalignment of Exchange Rates address a series of questions about misalignment. Several papers investigate the causes of misalignment and the extent to which observed movements in real exchange rates can be attributed to misalignment. These studies are conducted both empirically, through the experiences of the United States, Great Britain, Japan, and the countries of the European Monetary System, and theoretically, through models of imperfect competition. Attention is then turned to the effects of misalignment, especially on employment and production, and to detailed estimates of the effects of changes in exchange rates on several industries, including the U.S. auto industry. In response to the contention that there is significant "hysteresis" in the adjustment of employment and production to changes in exchange rates, contributors also attempt to determine whether the effects of misalignment can be reversed once exchange rates return to earlier levels. Finally, the issue of how to avoid—or at least control—misalignment through macroeconomic policy is confronted.
Author :
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4./5 ( download)
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
