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Real Exchange Rate Movements And Export Growth
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Book Synopsis Global Value Chains and the Exchange Rate Elasticity of Exports by : Swarnali Ahmed
Download or read book Global Value Chains and the Exchange Rate Elasticity of Exports written by Swarnali Ahmed and published by International Monetary Fund. This book was released on 2015-11-30 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes how the formation of Global Value Chains (GVCs) has affected the exchange rate elasticity of exports. Using a panel framework covering 46 countries over the period 1996-2012, we first find some suggestive evidence that the elasticity of real manufacturing exports to the Real Effective Exchange Rate (REER) has decreased over time. We then examine whether the formation of supply chains has affected this elasticity using different measures of GVC integration. Intuitively, as countries are more integrated in global production processes, a currency depreciation only improves competitiveness of a fraction of the value of final good exports. In line with this intuition, we find evidence that GVC participation reduces the REER elasticity of manufacturing exports by 22 percent, on average.
Book Synopsis Does Exchange Rate Volatility Hinder Export Growth? by : Ying Qian
Download or read book Does Exchange Rate Volatility Hinder Export Growth? written by Ying Qian and published by World Bank Publications. This book was released on 1992 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inconsistency in the relationship between exchange rate volatility and export growth reflects differences among countries in the currency in which trade is invoiced. Also, exchange rate volatility may affect the allocation of trade more than its level.
Book Synopsis Fundamental Determinants of Exchange Rates by : Jerome L. Stein
Download or read book Fundamental Determinants of Exchange Rates written by Jerome L. Stein and published by Oxford University Press. This book was released on 1997 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book greatly enhances our understanding of the behavior of real exchange rates. It provides an elegant model based on a solid theoretical foundation that links real exchange rates to their fundamental economic determinants and takes proper account of stock and flow considerations. The authors provide a masterful account of how changes in productivity and thrift affect the real exchange rate, and show that the long-run impact depends crucially on whether the change reflects the former fundamental (investment) or the latter (consumption). The empirical implementation uses state-of-the-art cointegration and error correction methodologies that are eminently well suited to capture the short-run adjustment of the real exchange rate to its medium- to long-run equilibrium value. The empirical results are extremely encouraging, as the economic fundamentals identified by the authors can explain a substantial part of the movement in the real exchange rate of a number of countries."--Peter Clark, International Monetary Fund
Book Synopsis Real Exchange Rate Movements and Export Growth by : Oluremi Ogun
Download or read book Real Exchange Rate Movements and Export Growth written by Oluremi Ogun and published by . This book was released on 1998 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Movements and Their Impact on Trade and Investment in the APEC Region by : Mr.Tamim Bayoumi
Download or read book Exchange Rate Movements and Their Impact on Trade and Investment in the APEC Region written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 1996-12-04 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 18 members of the Asia-Pacific Economic Cooperation Council (APEC) encompass not only a wide geographic area but also broad differences in stages of economic development, including among them some of the fastest- growing economies in the world. Such rapid growth has been ficilitated by high levels of investment and trade, international linkages, and, in most APEC economies, macroeconomic policies that have sustained growth while not sparking excessive inflation. This study offers insights about how medium and long-term changes in real exchange rates have affected international (and intra-APEC) trade and investment in the region.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451956770 Total Pages :228 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1988-01-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: A central proposition regarding effects of different mechanisms of fi-nancing public expenditures is that, under specific circumstances, it makes no difference to the level of aggregate demand if the government finances its outlays by debt or taxation. This so-called Ricardian equivalence states that, for a given expenditure path, substitution of debt for taxes does not affect private sector wealth and consumption. This paper provides a model illustrating the implications of Ricardian equivalence, surveys the litera-ture, considers effects of relaxing the basic assumptions, provides a frame-work to study implications of various extensions, and critically reviews recent empirical work on Ricardian equivalence.
Book Synopsis Trade Liberalization and Real Exchange Rate Movement by : Ms.Xiangming Li
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.
Book Synopsis An Analysis of So-Called Export-led Growth by : Jie Yang
Download or read book An Analysis of So-Called Export-led Growth written by Jie Yang and published by International Monetary Fund. This book was released on 2008-09 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The stylized fact that strong economic growth is usually accompanied with strong export growth leads many people to conclude that the export sector is the main driving force behind those episodes. The model in this paper, however, shows that the non-tradable sector may also generate high economic growth together with high export growth. Evidence shows that out of 71 "so-called" export-led growth episodes, only 37 of them are consistent with the "exports driving growth" hypothesis. Most of the remaining episodes (24 cases) experienced significant real exchange rate depreciation and are more likely to be characterized by "growth driving exports".
Book Synopsis The Real Exchange Rate and Prices of Traded Goods in OECD Countries by : Holger Brauer
Download or read book The Real Exchange Rate and Prices of Traded Goods in OECD Countries written by Holger Brauer and published by Springer Science & Business Media. This book was released on 2003 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Are Chinese Exports Sensitive to Changes in the Exchange Rate? by : Shaghil Ahmed
Download or read book Are Chinese Exports Sensitive to Changes in the Exchange Rate? written by Shaghil Ahmed and published by DIANE Publishing. This book was released on 2011-04 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Builds a model of two types of Chinese exports, those processed and assembled from imported inputs ("processed" exports (PE)) and "non-processed" exports (NPE). When the source of the increase in the Chinese real exchange rate (CRER) is appreciation against the currencies of other emerging Asian trading partners, the effect on PE is positive but insignificant, while the effect on NPE is negative. By contrast, when the source of the increase in the CRER is appreciation against China's advanced-economy trading partners, the effects on both types of exports are negative. Thus greater exchange rate flexibility could contribute to lowering China's trade surplus through restraining growth of exports. Illustrations. A print on demand report.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :9781557750655 Total Pages :76 pages Book Rating :4.7/5 (56 download)
Book Synopsis Exchange Rate Volatility and World Trade by : International Monetary Fund
Download or read book Exchange Rate Volatility and World Trade written by International Monetary Fund and published by International Monetary Fund. This book was released on 1984-07-08 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: In View of the continuation of substantial movements in exchange rate relationships among major currencies, the recent increase in protectionist pressures, and the disappointing performance of world trade, renewed concern has been expressed about the possible adverse effects of exchange rate variability on trade. Against the background of this concern, the following decision was reached at the ministerial meeting of the General Agreement of Tariffs and Trade (GATT) in November 1982.
Book Synopsis Exchange Rates and Trade Balance Adjustment in Emerging Market Economies by : International Monetary Fund. Legal Dept.
Download or read book Exchange Rates and Trade Balance Adjustment in Emerging Market Economies written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2006-10-10 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper finds that simple econometric specifications yield surprising rich and complex dynamics -- relative prices respond to the nominal exchange rate and pass-through effects, import and export volumes respond to relative price changes, and the trade balance responds to changes in import and export values.
Book Synopsis Real Effective Exchange Rate and Trade Balance Adjustment: The Case of Turkey by : Mr.Plamen K Iossifov
Download or read book Real Effective Exchange Rate and Trade Balance Adjustment: The Case of Turkey written by Mr.Plamen K Iossifov and published by International Monetary Fund. This book was released on 2019-06-28 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is an ongoing debate in the literature on whether global trade flows have become disconnected from the large real effective exchange rate movements in the wake of the global financial crisis. The question has important policy implications for the role of exchange rates in supporting growth and restoring external balance. In this paper, we use Turkey---a large and open emerging market economy that has experienced sizable swings of the real effective exchange rate---as a case study to test competing hypotheses. Our results lend support to the finding in existing cross-country studies that the real effective exchange rate remains an important determinant of trade flows. But, its effect is not symmetric in secular periods of appreciation and depreciation and is, oftentimes, dwarfed by the impact on trade flows of the income growth differential between trade partners.
Book Synopsis Changes in Exchange Rates in Rapidly Developing Countries by : Takatoshi Ito
Download or read book Changes in Exchange Rates in Rapidly Developing Countries written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2007-12-01 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: The exchange rate is a crucial variable linking a nation's domestic economy to the international market. Thus choice of an exchange rate regime is a central component in the economic policy of developing countries and a key factor affecting economic growth. Historically, most developing nations have employed strict exchange rate controls and heavy protection of domestic industry-policies now thought to be at odds with sustainable and desirable rates of economic growth. By contrast, many East Asian nations maintained exchange rate regimes designed to achieve an attractive climate for exports and an "outer-oriented" development strategy. The result has been rapid and consistent economic growth over the past few decades. Changes in Exchange Rates in Rapidly Developing Countries explores the impact of such diverse exchange control regimes in both historical and regional contexts, focusing particular attention on East Asia. This comprehensive, carefully researched volume will surely become a standard reference for scholars and policymakers.
Book Synopsis Exchange Rates and Trade by : Mr.Daniel Leigh
Download or read book Exchange Rates and Trade written by Mr.Daniel Leigh and published by International Monetary Fund. This book was released on 2017-03-17 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the stability and strength of the relationship between exchange rates and trade over time using three alternative approaches, mitigating the endogeneity of the relation. We find that both exchange rate pass-through and the price elasticity of trade volumes are largely stable over time. Economic slack and financial conditions affect the relationship, but there is limited evidence that participation in global value chains has significantly changed the exchange rate–trade relationship over time.
Book Synopsis Impact Estimation Of Exchange Rates On Exports And Annual Update Of Competitiveness Analysis For 34 Greater China Economies by : Khee Giap Tan
Download or read book Impact Estimation Of Exchange Rates On Exports And Annual Update Of Competitiveness Analysis For 34 Greater China Economies written by Khee Giap Tan and published by World Scientific. This book was released on 2019-11-15 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Chinese economy has been playing an increasingly significant role on the global stage. This book is the sixth annual project of Asia Competitiveness Institute studying competitiveness at the sub-national level of Greater China. ACI's flagship competitiveness study not only adopts a comprehensive framework to measure competitiveness by incorporating 102 indicators under four environments and 11 sub-environments, but is also undertaken at the sub-national level to account for the considerable disparities within a large economy like Greater China. The comparative strengths and weaknesses based on the scores and rankings as well as the what-if simulation analysis can be used to formulate development strategies that are specific and of practical value for each sub-national economy and region.The Shapley methodology adopted by ACI introduces a novel approach for the assignment of weights to the various indicators that constitute competitiveness. This concept has introduced an element of objectivity in terms of the assignment of weights. The findings using the Shapley value also tend to validate the robustness of results obtained from the competitiveness studies over the past years.Moreover, the empirical research featured in this book attempts to understand the drivers of exports of Mainland China provinces, with a specific focus on real effective exchange rate movements and volatility. Nowadays with the international flows of goods and capital becoming ubiquitous and comprising an important aspect of national competitiveness, the role of exchange rate is drawing much more policy attention. In view of this, the research findings presented in this book make an important academic and policy contribution by empirically examining the relationship between exports and exchange rate.Finally, the timing of this publication makes it indispensable to include some dedicated discussions of the trade disputes between the US and China. Several topics would be discussed in this book, including China's protection on Intellectual Property Rights, its violation of World Trade Organisation rules, challenges to its economic growth, the development of its three regional megalopolises, and how to mitigate the impact and ramification of its trade war against the US. This book attempts to identify the growing concerns in the US-China trade tension and provide suggestions for China's development in the future.
Book Synopsis Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia by : Ms.Isabelle Mejean
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.
