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Estimation Of The Equilibrium Real Exchange Rate For Malawi
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Book Synopsis Estimation of the Equilibrium Real Exchange Rate for Malawi by : Mr.Johan Mathisen
Download or read book Estimation of the Equilibrium Real Exchange Rate for Malawi written by Mr.Johan Mathisen and published by International Monetary Fund. This book was released on 2003-05-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper computes Malawi's equilibrium real exchange rate as a function of its fundamentals as derived from economic theory. It finds evidence in favor of the equilibrium approach to exchange rate determination, with several variables (particularly government consumption and real per capita growth) found to drive movements in the time-varying equilibrium real exchange rate. The results also indicate that following a shock there is a rapid reversion of the real exchange rate to its time-varying equilibrium, with a half-life of reversion of about 11 months.
Author :International Monetary Fund Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781451828016 Total Pages :95 pages Book Rating :4.8/5 (28 download)
Book Synopsis Malawi: Selected Issues and Statistical Appendix by : International Monetary Fund
Download or read book Malawi: Selected Issues and Statistical Appendix written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2002-08-16 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper estimates the path of the equilibrium real exchange for Malawi. Based on a dynamic model of a small open economy, the paper identifies and discusses the dynamics between certain fundamental variables and the real exchange rate. It also investigates the presence of a long-term relationship between the real exchange rate and the explanatory variables, and estimates both the equilibrium real exchange rate and the speed at which it converges toward its equilibrium level. The paper also discusses episodes of discrepancies between the real effective exchange rate and its equilibrium level.
Book Synopsis Exchange Rate Policy and Devaluation in Malawi by : Karl Pauw
Download or read book Exchange Rate Policy and Devaluation in Malawi written by Karl Pauw and published by Intl Food Policy Res Inst. This book was released on 2013-03-19 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Malawian economy has in recent months been plagued by a severe foreign exchange crisis, fueled in part by a steadily rising import bill, sharp successive declines in tobacco export prices, the suspension of direct government budget support from several development partners in 2011, and an all-time low in international investor confidence. Up until the regime change in April 2012, the government resisted calls for a devaluation, which at the time resulted in a thriving parallel foreign exchange market. At its peak, the Malawi kwacha was trading at a premium of up to 100 percent in this secondary market. Economic theory shows that such a situation has adverse implications for an economy in terms of the balance-of-payments adjustment process and income distribution in the economy. Those with access to foreign exchange at the official rate are able to extract rents by selling foreign currency or imported goods at inflated prices. Imports sold domestically are then often valued at the parallel exchange rate rather than the official rate, with the parallel market rate serving as the only adjustment mechanism through which equilibrium can be restored in the balance of payments. This has a significant impact on domestic inflation to the detriment of consumers, while those with preferential access to foreign exchange at the official rate capture large rents. A simulation exercise using an economywide model for Malawi considers how the economy responds to different types of foreign exchange shocks under fixed and flexible exchange rate regimes. While the foreign exchange crisis in itself has severe negative implications for the economy, our results suggest that the economy responds much better to these types of shocks under a flexible exchange rate regime (that is, devaluations or a free-floating currency). Our main simulation shows that under the latter policy, gross domestic product growth, although negative, is 1.5 percentage points higher than under a fixed exchange rate policy. Similarly, poverty is 6.9 percentage points lower. A relaxation of the exchange rate policy, however, is only part of the solution; in the longer run, good governance and sound macroeconomic policy that is conducive to growth are needed to address the underlying structural problems in the economy that also contribute to foreign exchange shortages.
Book Synopsis Single-equation Estimation of the Equilibrium Real Exchange Rate by : Ohn Baffes
Download or read book Single-equation Estimation of the Equilibrium Real Exchange Rate written by Ohn Baffes and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Single-equation Estimation of the Equilibrium Real Exchange Rate by : John Baffes
Download or read book Single-equation Estimation of the Equilibrium Real Exchange Rate written by John Baffes and published by . This book was released on 1997 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimating the Equilibrium Real Exchange Rate by : Tarhan Feyzioglu
Download or read book Estimating the Equilibrium Real Exchange Rate written by Tarhan Feyzioglu and published by . This book was released on 2006 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: An equilibrium exchange rate is here defined as the level that is consistent with simultaneous internal and external balances as specified in Montiel (1996). Exogenous quot;fundamentalquot; variables determining these balances are identified. Along the lines of Edwards (1994), a reduced form is estimated with the cointegration technique for Finland for the period 1975-95. The estimation produced a reasonable set of equilibrium exchange rates that appreciate with positive shocks to the terms of trade, world real interest rates, and the productivity differential between Finland and its trading partners.
Book Synopsis Estimation of the Equilibrium Real Exchange Rate for South Africa by : Mr.Luca Antonio Ricci
Download or read book Estimation of the Equilibrium Real Exchange Rate for South Africa written by Mr.Luca Antonio Ricci and published by International Monetary Fund. This book was released on 2003-03-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on the Johansen cointegration estimation methodology, much of the long-run behavior of the real effective exchange rate of South Africa can be explained by real interest rate differentials, GDP per capita (both relative to trading partners), real commodity prices, trade openness, the fiscal balance, and the extent of net foreign assets. On the basis of these fundamentals, the real exchange rate in early 2002 was found to be significantly more depreciated with respect to the estimated equilibrium level. The half-life of the deviation of the real exchange rate from the estimated equilibrium one was found to be somewhat more than two years.
Book Synopsis Determination of the Equilibrium Real Exchange Rate by : J. Peter Neary
Download or read book Determination of the Equilibrium Real Exchange Rate written by J. Peter Neary and published by . This book was released on 1987 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimation of Real Equilibrium Exchange Rates by : Jan Hansen
Download or read book Estimation of Real Equilibrium Exchange Rates written by Jan Hansen and published by . This book was released on 2000 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Single-Equation Estimation of the Equilibrium Real Exchange Rate by : John Baffes
Download or read book Single-Equation Estimation of the Equilibrium Real Exchange Rate written by John Baffes and published by . This book was released on 2016 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: An econometric methodology for estimating both the equilibrium real exchange rate and the degree of exchange-rate misalignment.Estimating the degree of exchange-rate misalignment remains one of the most challenging empirical problems in an open economy. The basic problem is that the value of the real exchange rate is not observable. Standard theory tells us, however, that the equilibrium real exchange rate is a function of observable macroeconomic variables and that the actual real exchange rate approaches the equilibrium rate over time.A recent strand of the empirical literature exploits these observations to develop a single-equation approach to estimating the equilibrium real exchange rate. Drawing on that earlier work, Baffes, Elbadawi, and O'Connell outline an econometric methodology for estimating both the equilibrium real exchange rate and the degree of exchange-rate misalignment. They illustrate the methodology using annual data from Cote d'Ivoire and Burkina Faso.This paper - a product of the Development Research Group - is part of a larger effort in the group to investigate the determinants of the real exchange rate.
Book Synopsis Robustness of Equilibrium Exchange Rate Calculations to Alternative Assumptions and Methodologies by : Tamim Bayoumi
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:
Book Synopsis Estimating the Equilibrium Real Exchange Rate in Venezuela by : Hilde C. Bjørnland
Download or read book Estimating the Equilibrium Real Exchange Rate in Venezuela written by Hilde C. Bjørnland and published by . This book was released on 2003 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Equilibrium Real Exchange Rate Estimates Across Time and Space by : Christoph Fischer
Download or read book Equilibrium Real Exchange Rate Estimates Across Time and Space written by Christoph Fischer and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Equilibrium real exchange rate and corresponding misalignment estimates differ tremendously depending on the panel estimation method used to derive them. Essentially, these methods differ in their treatment of the time-series (time) and the cross-section (space) variation in the panel. The study shows that conventional panel estimation methods (pooled OLS, fixed, random, and between effects) can be interpreted as restricted versions of a correlated random effects (CRE) model. It formally derives the distortion that arises if these restrictions are violated and uses two empirical applications from the literature to show that the distortion is generally very large. This suggests the use of the CRE model for the panel estimation of equilibrium real exchange rates and misalignments.
Book Synopsis Estimation of Equilibrium Exchange Rates in the WAEMU by : Stéphane Roudet
Download or read book Estimation of Equilibrium Exchange Rates in the WAEMU written by Stéphane Roudet and published by International Monetary Fund. This book was released on 2007 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using the FEER approach we investigate the long-run equilibrium paths of the real effective exchange rates (REERs) of countries in the West African Economic and Monetary Union (WAEMU). In an attempt to address econometric estimation uncertainty, we employ both single-country (Johansen and ARDL) and panel-data (FMOLS and PMG) cointegration techniques. We find that (i) much of the long-run behavior of REERs in WAEMU countries can be explained by fluctuations in terms of trade, government consumption, investment, and productivity; (ii) the use of different econometric techniques suggests that there is significant uncertainty about the path of the underlying equilibrium REERs and the degree of exchange rate misalignment, which underscores the need for robustness analyses in exchange rate modeling; and (iii) results from panel-data cointegration may sometimes be useful, but should always be complemented with single-country estimations to ensure that the results take into account country-specific characteristics
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1475509731 Total Pages :140 pages Book Rating :4.4/5 (755 download)
Book Synopsis Malawi by : International Monetary Fund
Download or read book Malawi written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-08-03 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Malawian economy is slowly recovering, thanks to corrective measures such as the floating exchange rate regime and liberated current account transactions. Stringent fiscal discipline, restrained monetary policies, and boosting of international reserves have been suggested as measures for controlling inflation and stabilizing the macroeconomy. Operation power and freedom for results-based management (RBM) and implementation of Malawi Growth and Development Strategy II (MGDS-II) are also suggested by the Executive Board. Measures to ensure revenue gain concurrent with spending have also been recommended.
Author :Mr.Charalambos G. Tsangarides Publisher :International Monetary Fund ISBN 13 :1589067282 Total Pages :352 pages Book Rating :4.5/5 (89 download)
Book Synopsis Exchange Rate Analysis in Support of IMF Surveillance by : Mr.Charalambos G. Tsangarides
Download or read book Exchange Rate Analysis in Support of IMF Surveillance written by Mr.Charalambos G. Tsangarides and published by International Monetary Fund. This book was released on 2008-09-08 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange rate analysis lies at the center of the IMF's surveillance mandate and policy advice, as well as in the design of IMF-supported programs, and IMF staff are called upon to analyze a wide variety of exchange rate issues in various member countries, both small and large, from the least economically developed to the most advanced, and from those whose currencies circulate only locally to those whose currencies are of global importance. Each year, IMF staff produce dozens of studies on exchange rate issues, some published by the IMF, others in various professional journals or books. This book aims to give a flavor of the topics the IMF staff typically examine under the broad rubric of exchange rate analysis, encompassing several topics: determination and impact of the real exchange rate, assessing competitiveness and the equilibrium real exchange rate in specific countries or country groups, and considerations in the choice of exchange rate regime.
Book Synopsis Currencies, Commodities and Consumption by : Kenneth W. Clements
Download or read book Currencies, Commodities and Consumption written by Kenneth W. Clements and published by Cambridge University Press. This book was released on 2013-01-31 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses economic issues associated with exchange rates, commodity prices, the economic size of countries and alternatives to PPP exchange rates.
