Spillover Effects Of Exchange Rates PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Spillover Effects Of Exchange Rates PDF full book. Access full book title Spillover Effects Of Exchange Rates.
Author | : Aaditya Mattoo |
Publisher | : International Monetary Fund |
Total Pages | : 39 |
Release | : 2012-03-01 |
Genre | : Business & Economics |
ISBN | : 1475502621 |
Download Spillover Effects of Exchange Rates Book in PDF, ePub and Kindle
This paper estimates the impact of China's exchange rate changes on exports of competitor countries in third markets, which we call the "spillover effect". We use recent theory to develop an identification strategy in which competition between China and its developing country competitors in specific products and destinations plays a key role. We exploit the variation - afforded by disaggregated trade data - across exporters, importers, product, and time to estimate this spillover effect. We find robust evidence of a statistically and quantitatively significant spillover effect. Our estimates suggest that a 10 percent appreciation of China's real exchange rate boosts on average a developing country's exports of a typical 4-digit HS product category to third markets by about 1.5-2 percent. The magnitude of the spillover effect varies systematically with product characteristics as implied by theory.
Author | : Mr.Joseph E. Gagnon |
Publisher | : International Monetary Fund |
Total Pages | : 52 |
Release | : 2017-03-13 |
Genre | : Business & Economics |
ISBN | : 147558623X |
Download Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies Book in PDF, ePub and Kindle
This paper explores the effects of unconventional monetary and exchange rate policies. We find that official foreign asset purchases have large effects on current accounts that diminish as capital mobility rises and spill over to financially integrated countries. There is an additional effect through the stock of central bank assets. Domestic asset purchases have an effect on current accounts only when capital mobility is low. We also find that rising US bond yields drive foreign yields, stock prices and depreciations, but less so on days of policy announcements. We develop a theoretical model that is broadly consistent with our results.
Author | : Bhaskar Bagchi |
Publisher | : Emerald Group Publishing |
Total Pages | : 224 |
Release | : 2016-11-01 |
Genre | : Business & Economics |
ISBN | : 1786355531 |
Download Dynamic Linkages and Volatility Spillover Book in PDF, ePub and Kindle
This book examines the dynamic relationship and volatility spillovers between crude oil prices, exchange rates and stock markets of emerging economies. Unfortunately very little research has been conducted to analyze the volatility spillovers and dynamic relationship between crude oil prices, exchange rates and stock markets of India.
Author | : Ms.Carolina Osorio |
Publisher | : International Monetary Fund |
Total Pages | : 34 |
Release | : 2016-09-27 |
Genre | : Business & Economics |
ISBN | : 1475541406 |
Download Spillover Implications of Differences in Monetary Conditions in the United States and the Euro Area Book in PDF, ePub and Kindle
This report analyzes the possible spillover effects that could result if the U.S. normalizes its monetary policy while euro area countries are increasing monetary stimulus (a situation referred to as asynchronous monetary conditions). This analysis identifies country-specific shocks to economic activity and monetary conditions since the early 1990s, finding that real and monetary conditions in the United States and the euro area have oftentimes been asynchronous and have often resulted in significant spillover effects, particularly since early 2014.
Author | : Mr.Julian T Chow |
Publisher | : International Monetary Fund |
Total Pages | : 34 |
Release | : 2016-09-27 |
Genre | : Business & Economics |
ISBN | : 1475541422 |
Download Spillovers from Dollar Appreciation Book in PDF, ePub and Kindle
The recent strong, sustained appreciation of the U.S. dollar raises questions about possible financial spillover effects for emerging markets and developing countries. This report finds that, unlike past episodes, emerging markets’ vulnerability has improved along a number of dimensions, though some risks persist (as identified in this report).
Author | : Mr.Anton Korinek |
Publisher | : International Monetary Fund |
Total Pages | : 66 |
Release | : 2017-02-20 |
Genre | : Business & Economics |
ISBN | : 1475579640 |
Download Currency Wars or Efficient Spillovers? A General Theory of International Policy Cooperation Book in PDF, ePub and Kindle
In an interconnected world, national economic policies regularly lead to large international spillover effects, which frequently trigger calls for international policy cooperation. However, the premise of successful cooperation is that there is a Pareto inefficiency, i.e. if there is scope to make some nations better off without hurting others. This paper presents a first welfare theorem for open economies that defines an efficient benchmark and spells out the conditions that need to be violated to generate inefficiency and scope for cooperation. These are: (i) policymakers act competitively in the international market, (ii) policymakers have sufficient external policy instruments and (iii) international markets are free of imperfections. Our theorem holds even if each economy suffers from a wide range of domestic market imperfections and targeting problems. We provide examples of current account intervention, monetary policy, fiscal policy, macroprudential policy/capital controls, and exchange rate management and show that the resulting spillovers are Pareto efficient, as long as the three conditions are satisfied. Furthermore, we develop general guidelines for how policy cooperation can improve welfare when the conditions are violated.
Author | : Mr.Jiaqian Chen |
Publisher | : International Monetary Fund |
Total Pages | : 30 |
Release | : 2014-12-24 |
Genre | : Business & Economics |
ISBN | : 149832245X |
Download Spillovers from United States Monetary Policy on Emerging Markets Book in PDF, ePub and Kindle
The impact of monetary policy in large advanced countries on emerging market economies—dubbed spillovers—is hotly debated in global and national policy circles. When the U.S. resorted to unconventional monetary policy, spillovers on asset prices and capital flows were significant, though remained smaller in countries with better fundamentals. This was not because monetary policy shocks changed (in size, sign or impact on stance). In fact, the traditional signaling channel of monetary policy continued to play the leading role in transmitting shocks, relative to other channels, affecting longer-term bond yields. Instead, we find that larger spillovers stem more from structural factors, such as the use of new instruments (asset purchases). We obtain these results by developing a new methodology to extract, separate, and interpret U.S. monetary policy shocks.
Author | : Carolina Osorio Buitron |
Publisher | : International Monetary Fund |
Total Pages | : 35 |
Release | : 2015-09-30 |
Genre | : Business & Economics |
ISBN | : 1513596705 |
Download Big Players Out of Synch Book in PDF, ePub and Kindle
Given the prospects of asynchronous monetary conditions in the United States and the euro area, this paper analyzes spillovers among these two economies, as well as the implications of asynchronicity for spillovers to other advanced economies and emerging markets. Through a structural vector autoregression analysis, country-specific shocks to economic activity and monetary conditions since the early 1990s are identified, and are used to draw implications about spillovers. The empirical findings suggest that real and monetary conditions in the United States and the euro area have oftentimes been asynchronous. The results also point to significant spillovers among them, in particular since early 2014—with spillovers from the euro area to the United States being particularly large. Against the backdrop of asynchronous conditions in these two economies, spillovers from real and money shocks to emerging markets and non-systemic advanced economies could be dampened.
Author | : Guillermo Perry |
Publisher | : World Bank Publications |
Total Pages | : 84 |
Release | : 1998-01-01 |
Genre | : Business & Economics |
ISBN | : 9780821342282 |
Download Financial Vulnerability, Spillover Effects, and Contagion Book in PDF, ePub and Kindle
There is already a large and growing literature about the financial crises affecting several former star economic performers in Asia. Some analysis have focused on the mismanagement of the structure of foreign debt and economic policies, while others have focused on weaknesses ingrained in the domestic financial and banking sectors of these economies. This paper attempts to reconcile these alternative explanations in a simple framework, where the causes and symptoms of "financial vulnerability" are distinguished.
Author | : Ara Stepanyan |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2016-09-27 |
Genre | : Business & Economics |
ISBN | : 1475541430 |
Download The Spillover Effects of Russia’s Economic Slowdown on Neighboring Countries Book in PDF, ePub and Kindle
In the face of sharply lower oil prices and geopolitical tensions and sanctions, economic activity in Russia decelerated in late 2014, resulting in negative spillovers on Commonwealth of Independent States (CIS) and, to a lesser extent, on Baltic countries. The spillovers to eastern Europe have been limited. The degree of impact is commensurate with the level of these countries’ trade, remittances, and foreign direct investment (FDI) links with Russia. So far, policy action by the affected countries has focused on mitigating the immediate consequences of spillovers.