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Author : César Calderón
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)
Download or read book Trade Openness and Real Exchange Rate Volatility written by César Calderón and published by . This book was released on 2004 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Harald Hau
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.X/5 (6 download)
Download or read book Real Exchange Rate Volatility and Economic Openness written by Harald Hau and published by . This book was released on 2000 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Serhan Cevik
Publisher : International Monetary Fund
ISBN 13 : 1475546645
Total Pages : 35 pages
Book Rating : 4.4/5 (755 download)
Download or read book Soft Power and Exchange Rate Volatility written by Mr.Serhan Cevik and published by International Monetary Fund. This book was released on 2015-03-20 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard models—based exclusively on macro-financial variables—have made little progress in explaining the behavior of exchange rates. In this paper, we introduce a neglected set of “soft power” factors capturing a country’s demographic, institutional, political and social underpinnings to uncover the “missing” determinants of exchange rate volatility over time and across countries. Based on a balanced panel dataset comprising 115 countries during the period 1996–2011, the empirical results are generally robust across different estimation methodologies and show a high degree of persistence in exchange rate volatility, especially in emerging market economies. After controlling for standard macroeconomic factors, we find that the “soft power” variables—such as an index of voice and accountability, life expectancy, educational attainment, the z-score of banks, and the share of agriculture relative to services—have a statistically significant influence on the level of exchange rate volatility across countries.
Author : Bahar Erdal
Publisher : Routledge
ISBN 13 : 1351801724
Total Pages : 172 pages
Book Rating : 4.3/5 (518 download)
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 : Cesar Calderon
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (46 download)
Download or read book Does Higher Openness Cause More Real Exchange Rate Volatility? written by Cesar Calderon and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mona Haddad
Publisher : World Bank Publications
ISBN 13 : 0821386336
Total Pages : 352 pages
Book Rating : 4.8/5 (213 download)
Download or read book Managing Openness written by Mona Haddad and published by World Bank Publications. This book was released on 2011 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis triggered a broad reassessment of economic integration policies in developed and developing countries worldwide. The crisis-induced collapse in trade was the sharpest ever since World War II, affecting all countries and all product categories. A huge shock to the trading system, combined with severe macroeconomic instability, makes it natural for policymakers to call into question the basic underlying assumptions of trade liberalization and openness. In particular, outward-oriented or export-led growth strategies are being reassessed as openness is increasingly associated with greater volatility. However, it is crucial not to lose sight of the dynamic benefits that openness can offer. Examples include technology transfer, increased competitive pressure that reduces markups and improves efficiency, and economies of scale. The real question is how to manage outward-oriented strategies so as to maximize the benefits of openness while minimizing risks. This book aims to contribute to this important and ongoing policy debate, bringing together recent empirical work on the trade collapse, its causes and consequences, and the broader trade policy agenda in the post-crisis environment. It addresses critical policy issues revolving around the topic of outward-oriented growth strategy, including policy instruments that help manage risks associated with outward-orientation, lessons learned from the crisis for particular countries and regions, and how emerging trade policy issues such as climate change, commodities, global production networking, and migration affect the prospects for recovery and outward-oriented growth.
Author : Abelardo Salazar Neaves
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (757 download)
Download or read book Essays on Real Exchange Rate Volatility and Openness in International Trade written by Abelardo Salazar Neaves and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This work comprises five chapters that explore in detail issues related to real exchange rate volatility and trade openness. In the case of real exchange rate volatility, we start with the decomposition of this measure to determine the relative contribution of traded and nontraded goods to the variance of the real exchange rate. We obtain evidence in favour of a relevant role for non-traded goods. Our estimation of the real exchange rate volatility is included in the second chapter. Our results, based on a cross-section regression, show that the existing link of openness to real exchange rate volatility is weaker when we control for imposed and natural trade barriers. At the same time we are able to obtain a relationship between inflation volatility and the variation of the real exchange rate. Chapters three and four are related to our real exchange rate volatility model. We decide to obtain a specication for openness that could help us explore in detail the idea of country characteristics aecting trade flows. Our rst approach considers a cross-section estimation to identify the factors that consistently aect trade openness. The second approach considers a more dynamic specication. We are able to establish a link between country characteristics and trade openness. At the same time our results capture interesting changes in the eects of the dependent variables on openness across time. The final chapter takes us back to the analysis of real exchange rate volatility. In this case, we explore which measure is the most appropriate amongst those calculated from series in levels and the ones in first dierences. We conclude that series that do not show less stationary behaviour require longer time series (more observations) in order to display results that close to the reference value.
Author : Mr.Michael G. Papaioannou
Publisher : International Monetary Fund
ISBN 13 : 1451847963
Total Pages : 29 pages
Book Rating : 4.4/5 (518 download)
Download or read book Determinants of the Choice of Exchange Rate Regimes in Six Central American Countries written by Mr.Michael G. Papaioannou and published by International Monetary Fund. This book was released on 2003-03-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether decisions about the appropriate exchange rate regime in six Central American countries were based on longer-run economic fundamentals or on the confluence of historical and political circumstances. To uncover any actual relationship both across countries and across time, we estimate several probit and multinomial logit models of exchange rate regime choice with data spanning the period 1974-2001. We find that theoretical long-run determinants, such as trade openness, export share with the major trading partner, economic size, and per capita income, are adequate, but not robust, predictors of exchange rate regime choice. However, we were not able to establish a statistically significant association between the terms of trade fluctuations or capital account openness and a particular regime in any specification using our sample.
Author : Takatoshi Ito
Publisher : University of Chicago Press
ISBN 13 : 0226386899
Total Pages : 346 pages
Book Rating : 4.2/5 (263 download)
Download or read book Commodity Prices and Markets written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2011-03 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects. This book advances our understanding of the consequences of these fluctuations, providing both general analysis and a particular focus on the countries of the Pacific Rim.
Author : Luis Servén
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4./5 ( download)
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.
Author : Yuntaek Pae
Publisher :
ISBN 13 :
Total Pages : 6 pages
Book Rating : 4.:/5 (13 download)
Download or read book Real Exchange Volatility and Economic Openness written by Yuntaek Pae and published by . This book was released on 2016 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: We suggest a pseudo economic openness that has a linear relationship with the real exchange rate volatility. The pseudo economic openness implies that the real exchange rate volatility is a concave function of pure economic openness. Therefore, the pseudo economic openness should be used to analyze the real exchange rate volatility instead of pure economic openness. Comparison between the pseudo openness and the pure openness using real data is provided.
Author : Ms. Xiangming Li
Publisher : International Monetary Fund
ISBN 13 : 1451900015
Total Pages : 39 pages
Book Rating : 4.4/5 (519 download)
Download or read book Trade Liberalization and Real Exchange Rate Movement written by Ms. Xiangming Li and published by International Monetary Fund. This book was released on 2003-06-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although theory suggests that the real exchange rate should depreciate after a credible trade liberalization but could appreciate temporarily with a noncredible one, little empirical evidence exists. Unlike existing studies that use either indirect tests or unreliable openness measures, this paper uses an event study based on carefully documented trade liberalization in 45 countries. The result shows that real exchange rates depreciate after countries open their economies to trade. In countries with multiple liberalization episodes, however, real exchange rates appreciate during early episodes, suggesting that partial or noncredible trade liberalizations are associated with real appreciation.
Author : Atish R. Ghosh
Publisher : MIT Press
ISBN 13 : 9780262072403
Total Pages : 252 pages
Book Rating : 4.0/5 (724 download)
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.
Author : Jonas Böhmer
Publisher : GRIN Verlag
ISBN 13 : 3640438361
Total Pages : 41 pages
Book Rating : 4.6/5 (44 download)
Download or read book Monetary Policy and Exchange Rate Volatility in a Small Open Economy written by Jonas Böhmer and published by GRIN Verlag. This book was released on 2009-10 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2008 in the subject Business economics - Economic Policy, grade: 1,3, University of Bonn (Wirtschaftspolitische Abteilung der Rechts- und Staatswissenschaftlichen Fakultät), course: Geldtheorie- und politik, language: English, abstract: Does inflation reduce welfare? What is worse, a volatile exchange rate or a high inflation rate? And is the central bank able to drive these variables? These questions are the topic of a paper by Jordi Gali and Tommaso Monacelli, published in 2005 and titled "Monetary Policy and Exchange Rate Volatility in a Small Open Economy". As apparent by the title Gali and Monacelli (G+M) analyze the influence of monetary policy on the volatility of the exchange rate, more precisely the nominal exchange rate and the terms of trade. For this purpose they create a small open economy with sticky prices of Calvo-type. Due to its minor size this economy does not influence the world economy. However, depending on the degree of openness this economy is affected by the rest of the world. Having specified this framework, G+M introduce three different monetary regimes and evaluate the resulting exchange rate volatilities . Using a central bank loss function G+M rank these three rules according to the implied welfare which shows a positive correlation between welfare and exchange rate volatility. Thence G+M prefer Taylor rules over an exchange rate pegging. To get a general idea of Gali and Monacelli`s argumentation this expose will start in chapter 2 with an abbreviated overlook over G+M's model of a small open economy. In the following chapter there will be the introduction of the three central bank rules, necessary to close the model, as well as an analysis of the underlying welfare levels. Since the welfare evaluation is based on some special assumptions, chapter 4 will give an overview of recent literature which discusses possible extensions as well as their implications for G+M's ranking of implied welfare. Concluding cha
Author : Ricardo Hausmann
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Long-run Volatility of the Real Exchange Rate written by Ricardo Hausmann and published by . This book was released on 2004 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper documents large cross-country differences in the long run volatility of the real exchange rate. In particular, it shows that the real exchange rate of developing countries is approximately three times more volatile than the real exchange rate in industrial countries. The paper tests whether this difference in volatility can be explained by the fact that developing countries face larger shocks (both real and nominal) and recurrent currency crises or by different elasticities to these shocks. It finds that the magnitude of the shocks and the differences in elasticities can only explain a small part of the difference in RER volatility between developing and industrial countries. Results from ARCH estimations confirm that there is a substantial difference in long term volatilities between these two sets of countries and indicate that there is also a much higher persistence of deviations of the variance of the RER from its long run value when the economy suffers shocks of various kinds"--NBER website
Author : Viktoria Hnatkovska
Publisher : World Bank Publications
ISBN 13 : 4020314225
Total Pages : 40 pages
Book Rating : 4.0/5 (23 download)
Download or read book Volatility and Growth written by Viktoria Hnatkovska and published by World Bank Publications. This book was released on 2004 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Kenneth Rogoff
Publisher : International Monetary Fund
ISBN 13 : 1451875843
Total Pages : 85 pages
Book Rating : 4.4/5 (518 download)
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.
